{"type":"document","data":{"contentType":"onecms:editorialPage","flexPageMetadata":{"afmBanner":false,"description":"...","robotInstruction":{"noFollow":false,"noIndex":false}},"flexZone":{"flexComponents":[{"componentType":"sectionTitle"},{"componentType":"applicationProcess","steps":{"stepList":[{"body":"A set of procedures, regulations and measures to prevent money laundering. As a bank, we have a duty to comply with this law and put in place the necessary tools to prevent money laundering.","title":"AML (Anti Money Laundering)"},{"body":"CRS is the automatic exchange of information in the field of taxation, which requires the reporting and collection of information on the tax residency of clients applicable to financial institutions worldwide. The CRS aims to protect the integrity of tax systems and combat tax avoidance.","title":"CRS (Common Reporting Standard)"},{"body":"The US FATCA (Foreign Account Tax Compliance Act) regulation requires foreign (non-US) financial institutions to provide local tax authorities with certain information about accounts held for US taxpayers.","title":"FATCA (Forgein Account Tax Compliance Act)"},{"body":"TIN  is an identifier that countries issue to individuals and entities for tax purposes. The convention (structure) of this number differs per country. Governments will use the TIN to match FATCA/CRS reports with their records, so the correct TIN is a key part of CRS reporting. For each foreign tax residence, the customer must declare the corresponding TIN. If no TIN is given, the customer must give a reasonable explanation as to why a TIN is missing (e.g. some countries do not issue TINs).","title":"TIN (Tax identification number(s))"},{"body":"A valid government issued photo ID (according to local laws), such as a passport or a national ID card.","title":"Identity document"},{"body":"Refers to events or an activity (e.g. work) through which you have a certain amount of money in your account (this is, for example, your salary from work or income from your business). The Source of funds refers to the origin of the funds or other assets which are the subject of the business relationship between the customer and ING. It includes both the activity that generated the funds or other assets used in the business relationship, as well as the means through which the customer’s funds were transferred. Source of funds can be divided in two categories:\r\n• Re-occurring funding: the ongoing funding that supports the customer relationship with ING, examples can be your salary, rental income, ...\r\n• One-off funding: occasional funding such as the sale of a high-value good or a one-off inheritance","title":"Source of Funds"},{"body":"The source of wealth (SoW) refers to the origin of a natural person’s entire body of wealth (i.e. total assets), the origin being the activities that have generated the assets.","title":"Source of Wealth"},{"body":"A UBO is a private individual who ultimately owns or controls an entity. An entity can have multiple UBOs.","title":"UBO (Ultimate Beneficial Owner)"},{"body":"A unique number issued by a public authority which keeps the records of companies incorporated under a jurisdiction or the laws of a particular country. The BCE/KBO/CBE number in Belgium.","title":"Legal Registration Number"},{"body":"Members of a group of persons appointed to control or govern the affairs of an entity. The persons that qualify for this role may vary based on the legal form, customer type or jurisdiction.","title":"Principal"},{"body":"Any legal entity (LE) or legal arrangement (LA) which has direct ownership interest or control over the customer.","title":"Intermediate parent"},{"body":"A legal representative is a private individual or legal entity who is authorised to engage with ING on behalf of the customer. This authority is granted either by statutory provision, articles of incorporation or relevant law. An example of a legal representative is a company director. Proxy holders and their delegates (such as authorised signatories and holders of a power of attorney) are also considered as ‘legal representatives’ on certain conditions: their mandate is based on a declaration of authorisation from a legal representative by force of law and the scope of their mandate allows it.","title":"Legal representative"},{"body":"Politically exposed person (PEP) is defined as individual who is or who has been entrusted with prominent public function(s), as well as the close family members and the close associates of such individual. There are two categories of PEP:\r\na) Direct PEP - a natural person holding or having held position(s) of public trust; \r\nb) Indirect PEP: family members (of the direct PEP), and/or close associates (of the direct PEP).\r\n\r\nDirect PEP \r\nThe list of direct PEPs in prominent public functions includes but is not limited to the following positions:\r\na) Heads of State, heads of government, ministers and deputy or assistant ministers;\r\nb) Members of parliaments or of similar legislative bodies;\r\nc) Members of the governing bodies of political parties;\r\nd) Members of supreme courts, of constitutional courts or of other high-level judicial bodies whose decisions are not subject to further appeal, except in exceptional circumstances;\r\ne) Members of courts of auditors or of the boards of central banks;\r\nf) Ambassadors, chargés d'affaires, and high-ranking officers in the armed forces;\r\ng) Members of the administrative, management or supervisory bodies of state-owned entities;\r\nh) Directors, deputy directors and members of the board or equivalent function of an international organisation.\r\n\r\nIndirect PEP \r\nFamily members and close associates of persons holding or having held positions of public trust qualify as PEPs as well. The term ’family member’ includes the direct PEP’s direct family members including but not limited to:\r\na) parents;\r\nb) spouses or partners (including legal arrangements equivalent to marriage); \r\nc) children and their spouses or partners. \r\n\r\nPEP as a (close) associate of the direct PEP \r\nThe term close associate refers to an individual who is closely connected to the direct PEP, either socially or professionally. They may also include:\r\na) Any natural person who is known to have joint beneficial ownership of legal entities or legal arrangement with a direct PEPs (e.g. business partners or associates that share (beneficial) ownership of legal entities or legal arrangements with the PEP);\r\nb) Any natural person who has sole beneficial ownership of a legal entity or legal arrangement which is known to have been set up for the de facto benefit of a direct PEP (e.g. a natural person who is acting as an informal nominee shareholder on behalf of the PEP).","title":"Politically exposed person (PEP)"}]}}]},"hasMacro":false,"id":"74b2eb8b-bbd5-48a1-b7d0-0975b42464f4","localeString":"en-GB","mainHeaderZone":{"backLink":{"textLink":{"text":"KYC - Know Your Customer","url":"/en/business/services"}},"componentType":"editorialHeader","coreHeader":{"headerImage":{"extension":"jpg","original":"https://assets.ing.com/m/1b5620f5efa171f4/original/Close-up-of-a-young-girl-looking-at-the-camera-through-a-magnifying-glass.jpg","transformBaseUrl":"https://assets.ing.com/transform/fadb680c-cdfb-4cd6-bb1b-60b199c725cf/Close-up-of-a-young-girl-looking-at-the-camera-through-a-magnifying-glass","type":"image","width":1920},"subtitle":"Need help understanding some of the terminology we use? This page should help.","title":"KYC Glossary"},"date":"2025-05-20","readingTime":3},"publishDate":"2025-05-20T13:54:45.361+02:00"}}