Ward I’ve only looked at Dutch law, where it didn’t seem required (only notaries etc).
The fiod was of course an exaggeration.
I will read the page you provided and come back at it later thanks for sharing!
Without having read; verifying ownership is totally understandable.
My main issue is taking up or, if what you said is true, being forced into responsibilities as a small service provider is totally unacceptable as even big banks are seemingly incapable of handling such sensitive and difficult observations but have an infinitely larger risk tolerance and manpower at their disposal.
In my opinion putting such pressure on small parties would result in them being far less capable to compete as the pressure to over-comply is probably much higher than with a large service provider.
Finally I’d like to add that despite my current disagreement with the privacy policy, thank you for at least having it in clear language and having it at all :)