At the start of the business relationship with a financial service provider the following documents and information should be made available to them. Based on this information a client can be either accepted or turned down. The service provider or trust office have this information on record and available for inspection by the Dutch Central Bank in a so called Client Acceptance File.
Supervisory bodies have access to this file exclusively for controlling purposes. The file should contain the following information:
- signed management agreement;
- passport copy of all signatories (Notorization may be required);
- organization chart clearly displaying the position of the Dutch legal entity /entities in the relevant part of the group and the percentage size of the ultimate beneficial owners’ stakes;
- identification of the Ultimate Beneficial Owners;
- a description of the role and objective of the Dutch entity / entities;
- information concerning the origin of the capital invested;
- evidence of proper research carried out by TCS-Groep into the background and reputation of the client and connected persons and companies.
This information has to demonstrate that there is no clear objection to accepting the client. The information on record should at all times be up to date and be kept on record for five years after termination of the contract.