IDENTIFICATION OF PERSONS UNDER NETHERLANDS ANTILLES LAW
Know Your Client Principle (KYC)
Based on the recommendations of the Financial Action Task Force (FATF) and the Caribbean Financial Action Task Force (CFATF) on money laundering, the Netherlands Antilles have inter alia implemented two national ordinances:
(i) the National Ordinance Reporting of Unusual Transactions 1996 (‘Landsverordening Melding Ongebruikelijke Transacties’); and
(ii) the National Ordinance Identification when Rendering Financial Services 1996 (‘Landsverordening Identificatie bij Financiele Dienstverlening’).
The latter will be briefly discussed here. According to article 1 of the Ordinance a service provider is obliged to establish the identity of a customer before rendering any financial service to such customer. The Ordinance defines service provider as ‘anyone who renders financial services by virtue of his profession or in the ordinary course of business’. According to this definition a bank or credit institution is a service provider. The Ordinance defines customer as ‘anyone to whom a financial service is rendered’.
According to article 3 of the Ordinance two types of customers are to be distinguished:
A. Individuals (‘natuurlijke personen’); and
B. Legal entities (‘rechtspersonen’).
A. Identification of individuals
If the customer is an individual, the identity must be established by means of one of the following documents:
a) driver’s license;
b) identity card issued by the local authorities;
c) a travel document or passport; or
d) such other document as designated by the Minister of Finance.
Please note that the aforementioned documents must be valid in the country of issuance. If the individual is residing abroad, a photocopy of one the aforementioned documents is sufficient, provided however that such document must be accompanied by a certified extract of the Registry of Births, Deaths and Marriages of the place of residence of the customer.
B. Identification of legal entities
If the customer is a legal entity, the identity shall be established either:
(i) by means of a certified extract from the register of the Chamber of Commerce and Industry, or an equivalent institution in the country of domicile of the legal entity (the ‘Extract’); or
(ii) by means of an identification document to be drawn up by the service provider (the ‘Identification Document’) .
The Extract and the Identification Document must contain at least the data as stipulated by the Minister of Finance by Ministerial Decree. Those data are:
a) the legal form of the entity;
b) the name of the entity according to its articles of association;
c) the trade name of the entity;
d) the address in full of the entity;
e) the domicile of the entity;
f) the country where the seat of the entity is established;
g) the registration number of the entity (in case it is registered with a Chamber of Commerce and Industry or any similar authority, and the country or island territory where any such Chamber or similar authority is vested);
h) the name and date of birth of all authorized agents and representatives of the entity; and
i) the type of document on the basis of which identification of such authorized persons and agents has taken place.
Please note that the identity of individuals representing a legal entity must be established in the manner as described in paragraph A. The identification of the shareholder(s) of a legal entity is not required.
Karel Frielink
Attorney (Lawyer) / Partner
