As part of a KYC (Know Your Customer) check, various documents must be provided to verify the identity of customers, beneficial owners and acting persons. These documents vary depending on the type of customer (individual vs. corporate) and the regulatory requirements. Here are the typical documents that need to be provided as part of a KYC check:
1. for individuals (natural persons)
For individuals, our system requests identification documents
- Identity card or passport: A valid, official identification document with photo. This document is used to verify identity.
Proof of residence (a current document confirming the person's place of residence, e.g. a current utility bill, bank statement or official registration certificate) is not required by law, but can be provided by the system.
2. for companies (legal entities)
For companies based in Germany, our system automatically loads the following documents:
- Extract from the commercial register: An official extract from the commercial register or similar document proving the registration of the company, including the company name, registered office, date of incorporation and legal form.
- List of shareholders: A list of the company's shareholders, especially if there are beneficial owners who hold more than 25% of the shares.
- In the context of the Anti-Money Laundering Act (AMLA), the structure chart is a visual aid that shows the ownership and control structure of a company. It shows the relationships between the various legal and natural persons who own or control shares in the company at various levels, particularly with regard to the beneficial owners. These diagrams are used to increase transparency and ensure that all relevant persons who have a direct or indirect influence on the company are identified.
- Power of representation for an acting person: In particular, for acting persons who are not legal representatives, a power of representation is drawn up which defines the scope of the powers granted to this person within the scope of the mandate/transaction.
The system expects further standard documents for certain organizational forms (in particular foundations and funds):
- An Anti-Money Laundering Statement (often referred to as an AML Statement ) is a document or declaration that companies or individuals make to confirm their compliance with anti-money laundering and counter-terrorist financing regulations. This declaration serves as proof that the appropriate precautions and measures have been taken to ensure that the company does not support or is not involved in illegal financial activities.
- Foundation documents are official documents that regulate the establishment, structure and administration of a foundation. They define how the foundation works, what its objectives are and how it is legally organized. These documents are required by law in many countries and serve to ensure transparency and accountability to supervisory authorities and potential donors or founders. These include the deed of foundation (foundation charter), articles of foundation (statutes), proof of assets or proof of foundation capital, notice of approval
For these automatically generated documents, it must be checked whether they reflect the current status for the company.
Our system also offers the option of requesting additional documents from customers. These can be
- Articles of association or partnership agreement: These documents provide information about the structure, purpose and management of the company.
- Proof of business address: A document that confirms the business address, e.g. a rental certificate or a recent invoice.
- Financial reports or annual financial statements: In the case of larger companies or financial institutions, financial reports or annual financial statements can also be requested.
- Bank references or bank statements: Bank references or bank statements may also be requested from banks or financial service providers to assess financial integrity.
- Declaration of tax residency: A declaration of tax residency may be required for tax purposes, e.g. for international customers or companies.
These documents help to verify identity, assess risk and ensure that no illegal activities such as money laundering or terrorist financing are being conducted via the company or the person in question. The exact requirements may vary depending on the country, industry and type of business relationship.
