what questions do I get when I open a new business bank account

Customer due diligence forms the core of the intake process

The questions for a new business account largely stem from the customer due diligence that the Act on the prevention of money laundering and terrorist financing imposes on banks. Expect questions about the legal form and Chamber of Commerce details, about who are the ultimate beneficial owners of the company, about the origin of the funds and about the purpose of the account. If a UBO holds a political office or a prominent position, the bank will ask further questions: is one of the directors or stakeholders a politically prominent person? A sanctions screening is also rarely absent — the bank checks whether the business or its directors appear on a sanctions list.

Furthermore, the bank often asks about business activities in plain language, about the expected transaction volume and about the countries it trades with. Some banks also want to know at which other banks the business holds accounts, especially if there are multiple banking relationships or an international structure. Documents that are frequently requested: an extract from the trade register, a UBO declaration with identification of the stakeholders, and in the case of a wealthy UBO sometimes evidence of the origin of the funds. If a document is missing, it is standard practice to report this to the bank instead of making an assumption yourself — the bank decides whether alternative evidence is sufficient.

Where this comes from: the AMLFT Act and the Trade Register Act

The obligation to conduct customer due diligence is set out in the Act on the prevention of money laundering and terrorist financing, which requires banks to establish the identity and UBOs of a business customer before the relationship begins. The information that the bank verifies in this process — legal form, directors, place of establishment — are the same details that the Trade Register Act 2007 requires for registration with the Chamber of Commerce, which explains why a Chamber of Commerce extract appears in almost every application.