Open an account at ValutaPartners

We need:
- Registered Name

- Trade Name (if applicable)
- Company Number

- Registred Address
- Business Address (if applicable) 
Usually, an extract from the Chamber of Commerce suffices.. 

What?
We need a clear understanding of the purpose for which the account with us will be used. Whether it is for business operations, invoice/supplier payments, repatriation of overseas income, etc. – the customer must confirm these purposes.

Why?
Understanding the purpose of an account enables us to better understand how your business operates and why specific payments are made. This ensures that our products and services are accurately aligned.

How?
On our online application form, there is a specific field that asks the customer about the reasons behind future transactions. Unfortunately, customers often leave this section too vague, meaning that we need to ask for additional clarification during the onboarding process.

It is helpful to be as detailed as possible. This allows us to fully understand how and for what purpose the account will be used. A common answer is “converting currency to send abroad” – however, this is not sufficiently detailed. More specification is required regarding the exact use of the account.

What?
Het is nodig dat we de activiteiten van uw bedrijf en de producten of diensten die u aanbiedt begrijpen.

Why?
Dit stelt ons in staat volledig te begrijpen wat uw bedrijfsactiviteiten zijn en het soort klanten u bedient. Er zijn bepaalde industrieën die buiten ons risicotolerantie vallen die we moeten identificeren (zie sectie Verboden Industrieën). Als u een website heeft, kan deze informatie duidelijk zijn, maar zo niet, dan hebben we aanvullende documenten nodig.

How?
Accepted Sources:

• The entity's website
• Invoices to confirm business relationships
• Product list
• Marketing material

Document Standards:

For documentary evidence, ensure that your company's name is clearly stated, and the products and/or services are clearly displayed.

What?
We are required to verify the identity of all our clients. For corporate clients, this means we must verify at least two directors.

Why?
This is to ensure that we can trust that we know the identity of the individuals with whom we are entering into a business relationship and to confirm that they are who they say they are. It is also a legal obligation to comply with the requirements arising from anti-money laundering legislation. Additionally, we must screen individuals against international lists of Politically Exposed Persons (PEP) and sanctions.

How?
If we cannot verify an individual electronically (these are individuals located outside the UK), we need one valid proof of identity for at least 2 directors.

Below you will find which documents we do and do not accept:

Document Standards:

Only share with us complete, valid documents where all required information is clearly visible, without glare or watermark. We only accept color photos of the original..
The name and date of birth listed on these documents must be the same as on the application form.
ID documents must fall within the validity date on the document.

What?
It is essential to ensure that clients have available funds, or at least future funds in place, which will enable them to fund their account.

Why?
Business finances are necessary to demonstrate that the company operates as expected, rather than as a "front company" used for money laundering. This aids in managing the perceived anti-money laundering risk associated with the account. The aim is not necessarily to check if they have sufficient liquidity to complete their trading transactions.

How?
Accepted Documents: annual accounts (profit & loss statement and balance sheet), business bank statement.

Document Standards::

For documents not filed with a recognized government agency, supporting documents must be specific to the client and signed by a company director. Dated within the last 3 months, clearly showing the client's transaction activity.

What?

‘Origin of money' refers to the source of the money involved in the business relationship or transaction. It indicates the activity that generated the money, such as sales of company assets or payroll payments.

As a business, we are required to collect information to understand and, where necessary, confirm or verify the source of our customers' money and assets.

Why?
It helps us understand where the client's money comes from and ensures that the client's assets or money do not come from the proceeds of criminal activity.

How?

We accept the following documents: 

Document Standards:: Please provide complete, signed documents that clearly state your or your company's name and associated amounts. The document must be specific and address the source of funds used for this account.

What?
We have an obligation to fully identify the 'ultimate stakeholders' and 'controllers' of your company. In cases where there are intermediate entities that are within the ownership structure of another business entity, we are also required to identify those individuals, up to a certain percentage. The ownership percentage we verify is up to 10%.

Why?
This is a legal requirement – ​​if there are intermediate entities it means we need to trace back to the top of the corporate tree until we can identify the individual or individuals who are behind the company and benefit from or control the money flowing through us will be processed.

How?
Documents/resources we accept: Shareholder register, Shareholder structure diagram on a corporate document.

Please note – where certain relationships pose a higher risk, for example Politically Exposed Persons or certain jurisdictions, additional checks, documents or questions may be required. The above list is intended as a guide and is not exhaustive.