How a business is known before an account is opened
What is asked, why each question has a purpose, and what happens when the picture changes over time.
Three areas the checks cover
The account comes from Reibanq; the payment services behind it are supplied and managed by Orenda FS B.V. These questions are part of the checks Orenda is required to run before an account can move money.
Who the company is
The legal name, where the company is registered and when it was formed. So the entity behind the account is identified.
Who owns and guides it
The people with significant ownership or control. So it is clear who makes the decisions and who is accountable.
What the company does
The nature of the business and the kind of activity it will run through the account. So the expected use is understood.
Why the questions sometimes come back
The information on file ages. When something changes in a company — a new director, a different scope of activity — the questions come again to keep the picture accurate. A change on the account side often reflects a change on the company side.
Questions about the process?
If you are preparing to open a business account and would like to know what will be asked, the team can walk you through it.
Contact us Open an account