Why does the bank ask about the true beneficiary of the company? | Ask Banky

Editor-in-Chief Mohamed Salah

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Editor-in-Chief Mohamed Salah

Why does the bank ask about the true beneficiary of the company?

Asked by Banky team 2 months ago 1 views
Banky team Reviewed editorial answer

Because the bank needs to know the natural person who actually owns or controls the company, not just the company name or the manager.

This is part of KYC and anti-money laundering, especially with multiple ownership structures.

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