why do I have to submit so many documents for a new business account

Client due diligence, not curiosity

The bank requests this file because the Act on the Prevention of Money Laundering and Financing of Terrorism (Wwft) requires it to conduct client due diligence before opening a business account. That due diligence consists of a fixed set of inquiries: what the enterprise is, who is behind it and where the money comes from. The bank does not choose these questions itself — the law prescribes what it must establish, and the bank must be able to demonstrate that it has verified it. That is why you get roughly the same set of questions at every bank, even though the form looks different.

In practice this usually comes down to three categories. First the identity of the enterprise itself: the information that is also in the Business Register, such as legal form, place of establishment and managers. Then the beneficial owners of the company — who actually has control via shares or voting rights — and whether there is a politically exposed person involved. Finally the flow of money: the origin of the capital and sometimes at which other banks the enterprise already holds accounts. If you do not have one of those documents readily available, then "not yet available" is a more honest answer than guessing — the bank will follow up if something is missing, and that is normal for a first account.

Where this comes from: the customer due diligence of the Wwft

The obligation to conduct this due diligence is laid down in the Wwft, which designates banks and other financial institutions as entities that must conduct client due diligence before entering into a business relationship. The basic information about the enterprise that is verified in this process comes from the Business Register Act 2007, which sets out which information about each enterprise is registered. For the UBO information that the bank requests, you will often have already filled in the same answers for another party — see how you fill in UBO information in a questionnaire for the approach that works in this context.