How a company report works
You request the report on a legal entity in the case file. It is fetched in the background and appears once it is in.
The report holds the trade register details, such as name, KvK number, legal form and address, as well as the directors, the capital and the shareholders. It includes a credit score, a credit limit and the probability of default. The financials show the balance sheet and the income statement over several years, with the current ratio, quick ratio, solvency and return on assets per year, as the provider supplies them.
Directors and shareholders stay on the report. You copy who belongs in the structure yourself. When onboarding a business client, you set the report beside what the client states in the client portal, such as the UBO declaration.
The report counts towards the due diligence progress. The identification and verification step is complete once there is a company report. What you conclude from the figures, you record in a note on the entity or in the risk questionnaire. The report goes into the case file’s PDF export.
The company report and the Wwft
Article 3(2) Wwft requires you to identify and verify the client and understand its ownership and control structure. For a legal entity with its seat in the Netherlands, Article 11(2) Wwft requires verification on the basis of documents, data or information from a reliable and independent source.
The company report provides data for that verification. Which source is enough for your client is something you set down in your own policy.
The financials help with the ongoing monitoring in Article 3(2)(d) Wwft, because they give a picture of what fits a company. For a PEP, Article 8(6) Wwft requires establishing the source of wealth and funds. Whether the figures fit the client’s profile is for your firm to judge.
Frequently asked questions
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