Know Your Customer (KYC) Policy

1. Introduction

Know Your Customer (KYC) is a critical process implemented by NUEVOBANCO to verify the identity of our clients, assess potential risks of illegal intentions, and ensure compliance with anti-money laundering regulations.

2. Purpose of KYC

Our KYC procedures are designed to:

Prevent identity theft, financial fraud, money laundering and terrorist financing
Enable us to understand our customers and their financial dealings better
Manage risks prudently
Comply with applicable laws and regulations

3. Customer Identification Program (CIP)

For Individual Customers

We require the following information and documentation:

Full legal name
Date of birth
Current residential address
Government-issued photo ID (passport, national ID card, or driving license)
Proof of address (utility bill, bank statement, or rental agreement dated within 3 months)
Tax identification number

For Business Customers

Additional requirements include:

Certificate of incorporation
Business registration documents
Proof of business address
Identification of beneficial owners (25% or more ownership)
Board resolution for account opening
Financial statements (if applicable)

4. Customer Risk Assessment

We categorize customers into different risk levels based on:

Low Risk

• Salaried employees
• Government entities
• Listed companies

Medium Risk

• Cash-intensive businesses
• Non-residents
• Complex structures

High Risk

• PEPs
• High-risk countries
• Shell companies

5. Enhanced Due Diligence (EDD)

For high-risk customers, we apply enhanced due diligence measures including:

Additional documentation on source of funds and wealth
More frequent account monitoring
Senior management approval for account opening
Regular review of the customer relationship

6. Ongoing Monitoring

KYC is not a one-time process. We continuously monitor:

Transaction patterns for unusual activities
Changes in customer circumstances
Updates to customer information
Sanctions and PEP lists

7. Document Verification Process

Submission: Customer uploads required documents through our secure portal
Verification: Our team verifies authenticity using advanced verification tools
Approval: Account is activated upon successful verification
Storage: Documents are securely stored in compliance with data protection laws

8. Customer Responsibilities

Customers are required to:

Provide accurate and complete information
Submit genuine documents
Update information when circumstances change
Cooperate with periodic review requests
Respond promptly to additional information requests

9. Data Protection and Privacy

We are committed to protecting your personal information:

Data is encrypted and stored securely
Access is restricted to authorized personnel only
Information is shared only when legally required
We comply with GDPR and other data protection regulations

10. Consequences of Non-Compliance

Failure to comply with KYC requirements may result in:

Delay in account opening
Restrictions on account functionality
Account suspension or closure
Reporting to regulatory authorities

11. Frequently Asked Questions

Why do I need to provide so many documents?

These requirements are mandated by law to prevent financial crimes and protect both you and the financial system.

How long does the verification process take?

Typically 1-3 business days for standard applications. Complex cases may take longer.

Is my information safe?

Yes, we use bank-grade encryption and security measures to protect your data.

12. Contact Us

For questions about our KYC process:

KYC Support Team
Email: kyc@nuevobnks.online
Phone: +33 1 XX XX XX XX
Hours: Monday - Friday, 9:00 - 18:00 CET