{"type":"document","data":{"id":"a7550f0c-6712-49e1-9ee4-8c3fdaf8d3c4","localeString":"en-GB","publishDate":"2025-05-19T11:22:10.029+02:00","contentType":"onecms:editorialPage","hasMacro":false,"flexPageMetadata":{"afmBanner":false,"robotInstruction":{"noIndex":false,"noFollow":false},"description":"..."},"mainHeaderZone":{"componentType":"editorialHeader","coreHeader":{"title":"KYC Glossary","subtitle":"Need help understanding some of the terminology we use? This page should help!","headerImage":{"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,"original":"https://assets.ing.com/m/1b5620f5efa171f4/original/Close-up-of-a-young-girl-looking-at-the-camera-through-a-magnifying-glass.jpg","extension":"jpg"}},"backLink":{"textLink":{"url":"/en/individuals/services/kyc/kyc-individuals-main-page-know-your-customer","text":"KYC - Know Your Customer"}},"date":"2025-05-19","readingTime":5},"flexZone":{"flexComponents":[{"componentType":"sectionTitle"},{"componentType":"applicationProcess","steps":{"stepList":[{"title":"AML (Anti Money Laundering)","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":"CRS (Common Reporting Standard)","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":"FATCA (Forgein Account Tax Compliance Act)","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":"TIN (Tax identification number(s))","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 to their records, so the correct TIN is a key part of CRS reporting.\r\nFor each foreign fiscal residence, the customer must declare the corresponding TIN. If no TIN is given, the customer must give a reasonable explanation on why a TIN is missing (e.g. some countries do not issue TINs)."},{"title":"Identity document","body":"A valid government issued photo ID (according to local laws), such as a passport or a national ID card."},{"title":"Source of funds","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). 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 wealth","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":"Politically exposed person (PEP)","body":"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. \r\n\r\nThere 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:\r\n• family members (of the direct PEP), \r\n• 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\ni)  Natural persons holding functions considered to be important public functions on the list published by the European Commission in accordance with Article 20bis, third subparagraph, of Directive 2015/849;]\r\nThe public functions referred to in points a) to i) do not cover middle-ranking or more junior functions.\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.\r\nThe 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)."}]}}]}}}