Why'd we request extra information about your company’s activity?

bunq

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 (such as fraud). Upon review, we may request extra info and documentation from our users as mentioned and explained in 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?

If such information is needed from you, we’ll inform you via push notifications and email right away.

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.

Once the needed info is provided from your side, our relevant department will review it for you and will return back to you as soon as possible.

What’s requested in such a case?

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 a bunq 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 a 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.

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 don't take lightly.

We’d deactivate an account only if regulations weren’t followed (you can find all regulations and refer further to our Terms & Conditions)