Individuals | ING Luxembourg : Your bank in Luxembourg

We hear a lot about KYC, but what is it? 

KYC stands for 'know your customer'. Banks and other professionals in the financial sector are legally bound to know their customers well.

When it comes to customers, there are actually two groups: individuals and companies. 

What can we ask individuals? Address, marital status, profession, copy of employment contract, etc.

If we look at companies, we'll ask for an extract from the commercial register, who the shareholders are, and so on.

These are the types of data we ask for to get to know and understand the customer. 

What's the point?

The aim is, of course, to comply with legislation to combat money laundering and the financing of terrorism. By complying with all the regulations in force, we will naturally ensure the integrity of the bank.

What does the bank expect from its customers?

The bank wants to be informed of any change in situation throughout the relationship, and to do this, the customer can communicate it by various means: contacting us by phone, sending an email or secure message via My ING, or by coming to the branch and making an appointment.

What happens if the customer doesn't provide the information on time?

There are often reminders to ask customers for information: 

If we can't reach a customer, we risk having to block their accounts until we've obtained the right documents. A blocked account means blocked cards too, so the relationship will really be much smoother if we have the right contact details for the person.

Communicating any changes to us is important so that we know our customers well and can serve them well.