All financial institutions are legally required to identify the real beneficiary of the account/funds and take the necessary steps to verify their identity using relevant information and data obtained from a trusted source.
The actual beneficiary is any natural person who ultimately owns or controls the client and / or individual in the name or interest of which, directly or indirectly, a transaction or operation is made.
The notion of real beneficiary includes at least:
- In the case of companies:
The person or individuals who ultimately own or control a company by directly or indirectly owning the full shareholding or a number of shares or voting rights that are large enough to control it, including bearer shares, the company owned or controled, being not a company whose shares are traded on a regulated market and which is the subject to advertising requirements in accordance with those regulated by community law or internationally established standards. This criterion is considered to be met in the case of holding at least 25% of the shares plus one share. Person or individual exercising otherwise control over the management or management organs of a company;
- In the case of companies, other than those provided for in art. 2 ind. 2 pct. 2 point a. of Law no. 656/2002, or other entities or legal constructions that administer and distribute funds:
- Individual who is the beneficiary of at least 25% of the assets of a company or of a legal entity or construction, if the future beneficiaries have already been identified;
- A group of persons whose main interest is the constitution or operation of a company or a legal entity or construction, where the individuals benefiting from the company or of the legal entity have not yet been identified;
- The person or individuals exercising control of at least 25% of the assets of a company or of a legal entity or construction.
In order to determine the identity of the real beneficiary and those who have control over the funds, in accordance with the legal provisions contained in the republished Law 565/2002 on the prevention and sanctioning of money laundering as well as for the establishment of measures for preventing and combating the financing of acts of terrorism, employees of Idea Bank SA will request the completion of the Real Beneficiary statement for new clients, for companies and, if applicable, for individuals. This statement will also be completed in the following situations:
- If relevant changes occurred as a result of updating customer information and documents;
- For cash operations with value that exceeds euro 15,000 in equivalent;
- If the bank enters into relations with clients by correspondence or by other means that do not involve the client's presentation to the bank; In this case, the return of the statement will be made by fax, or in a way that will allow identification of the issuer / sender and which will be established in the regulation of "correspondence" or "remote" services (internet banking, etc.).
IDEA BANK S.A. will not open anonymous accounts and will not enter into business relationships with clients whose real beneficiary can not be determined.
* According to republished Law no. 656/2002 on the prevention and sanctioning of money laundering as well as for the establishment of measures for preventing and combating the financing of acts of terrorism.