Why do financial institutions ask you a photocopy of your identity card?
A legal requirement
It may sound familiar: your financial institution gets in touch with you to receive an update of the electronic data on your identity card. Or because a copy of your new identity card is needed. Why does your banker need a copy? The answer to that question is simple: it is a legal requirement.
KYC is a very strict regulation. If a financial institution is not in possession of accurate data, it is obliged to take appropriate measures, which means: blocking the account and even ending the relationship with the customer if necessary. It is therefore of the upmost importance that the necessary data are provided as quickly as possible.
Fortunately, new technology can streamline the process: by means of the web banking application, you can upload the data stored on the microchip of your electronic ID yourself. However, if you prefer to send us a printed copy of your microchip data, you are welcome do so as well.
What identification document should I produce?
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