Administrational Tips Banking

“Why all these questions during the account opening process?”

We hear this question a lot from our customers. That´s why we want to take the time to explain to you why we need to ask you those and  what we do with the answers. 

First off, both Penta and the solarisBank are obligated to comply with very strict regulatory guidelines.

The financial service market is heavily regulated and in order to protect us against money laundering and financial fraud. 

To prevent fraud, financial institutions need to have a very detailed and exact knowledge of its customer base. You are probably already familiar with this so-called KYC (Know Your Customer) or KYB (Know Your Business) principle from your traditional local banks.

You already know the procedure from opening an online bank account. You have to verify your identity with an online video identification provider. The same goes for company accounts – you have to provide all the relevant documents to the bank – normally in person, at your local branch office. For a company account, you have to deal with additional requests. Your bank advisor wants to know what the numbers look like, what your business plan entails, what the company structure/shareholder structure looks like, etc.

We try to limit the amount of necessary information to the absolute minimum. However, sometimes even we have to ask more detailed questions. So even though the scope of the questions seems very broad, it is to your own protection and security. We apologize for the inconvenience this may cause but hope for your understanding, as this serves your own security. 

We are always glad to get feedback – just send a mail to help@getpenta.com – even if you are under the impression that we ask too many questions!