Hey bunqers 🌈
Our aim is to keep your bank account and your funds 100% secure. With this in mind, we monitor activity and transactions on all bunq accounts, to prevent any misuse of our services. Upon review, we may request extra info and documentation from our users as mentioned and explained in Chapter 9. Eligibility and account requirements of our Terms & Conditions.
Such inquiries are based on:
- Our legal obligations to perform continuous customer due diligence
- The WWFT (Wet ter voorkoming van witwassen en financieren van terrorisme)
- All related and equivalent European legislation and law
How does the process work?
As a bank, we’re required to understand how you use your Business bunq account. For this, we might have to ask you a few questions or provide additional documentation to help maintain a safe banking environment and follow the regulations mentioned above.
We will send you an inquiry via the in-app chat asking some more details and documents if needed, regarding your account use and activities. This is a regular routine check process required by any bank, so if you receive such an inquiry, there’s nothing to be bothered about.
Once the needed info is provided from your side, our relevant team will review it for you and will return back to you as soon as possible.
Note: Please have in mind that for more extensive document and information requests we may reach out via review@bunq.com.
What’s requested in such a case?
Since we need to have a clear record of your source(s) of income and the activities on your account, we will ask questions related to these. These are the most common information and documentation we could require from you:
Account purpose and usage inquiry
When we’re inquiring about the purpose of your bunq Business account, we may ask:
- How do you generate your sales?
- Who are your main suppliers/clients ?
- Which markets do you operate in?
- Do you expect to perform cross-border transactions?
- Which part of your business do you use bunq for?
- Do you have a website or other online platforms linked to your business? If yes, please share with us.
Source of funds inquiry
When we’re inquiring about your company's source of funds / source of wealth, we could request:
- invoices issued in the normal course of business
- contracts with your main suppliers or clients
- tax statement documentation
- financial reports for the last calendar year.
Payment inquiry
When we’re inquiring about a specific payment, we’d request you to provide us with supporting documentation regarding this payment, according to its description.
For example, if the description is related to an invoice payment, you can provide a copy of the merchant’s invoice you’re paying. Or in case the payment is related to a contract, the contract would be sufficient proof.
In any case, please provide us with accurate detailed information which will help us best understand your account activities and will minimize the duration of our inquiry and review process.
Does this mean my bunq account will be closed?
We’d never terminate a bunq account without further explanation, since account termination is something we take seriously.
We’d deactivate an account only if regulations weren’t followed (you can find all regulations and refer further to our Terms & Conditions.
Can I send documents in advance to ensure my payment succeeds?
Our system is fully automated, which means we're unable to predict which transactions might need additional checks. That's why we don't request or expect you to provide supporting documents before a transaction is actually created.Rest assured, if we need any further details for your transaction(s), we'll reach you out through the Support Center. You'll also receive a notification in the Awaiting Events section in your 👤 Profile tab.
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