Customer due diligence costs
What this means for you
We pass on a limited part of our customer due diligence costs to clients who have a business current account. We do this starting 1 year after a company becomes a business customer with us. Read on to find out more about the changes and our reasons behind this.
Preventing financial crime
ABN AMRO is committed to preventing financial and economic crime such as fraud, money laundering and the financing of terrorism. This is an important social duty of ours, and we are also required to do so by law. As a bank, we can and want to do our bit for a safer society.
In this respect, we fulfil a 'gatekeeper role', meaning that we actively monitor for potentially suspicious financial transactions. We do this by verifying transactions and our clients’ identity.
We have largely covered the costs involved in these verifications and checks ourselves, and we will continue to do so. However, these verifications and checks are costing us more and more time and money. For this reason, starting 1 year after you become a business customer, we charge you a limited part of the cost on a monthly basis.
Fee per business form
If you have one or multiple business accounts with us, we will charge you a monthly customer due diligence fee per entity. If you have one private limited-liability company (a 'BV' under Dutch law), you will be charged the corresponding fee once per month. If you have 4 private limited-liability companies, you will be charged the fee 4 times.
The table below shows the fees for each business form.
The extent of our customer due diligence depends on the business form. On average, more complex business forms require more extensive customer due diligence. This is why we charge different fees.
| Business form | Monthly fee (excl. 21% VAT) |
|---|---|
| Sole proprietorship ('Eenmanszaak') | € 0 |
| General partnership ('Vennootschap onder firma') | € 0 |
| Partnership | € 0 |
| Association and foundation | € 3 |
| Private limited-liability company ('Besloten vennootschap') | € 6,50 |
| Cooperative | € 6,50 |
| Religious community | € 6,50 |
| Limited partnership ('Commanditaire vennootschap') | € 6,50 |
| Non-Dutch business form | € 20 |
| Public limited company ('Naamloze vennootschap') | € 20 |
| Other business forms | € 6,50 |
Frequently Asked Questions
For which clients does this apply?
This change applies to all clients with a business current account at ABN AMRO.
I hold multiple business current accounts with you. Will I be charged this fee for each account?
No, the customer due diligence costs will not be passed on to you per account, but rather per business form.
If you have one private limited-liability company (a 'BV' under Dutch law), you will be charged the corresponding fee once per month. If you have 4 private limited-liability companies, you will be charged the fee 4 times.
Will I also be charged a fee if mine is a general partnership, sole proprietorship and/or a partnership?
The fee payable for general partnerships, sole proprietorships and/or partnerships is currently €0. Given that these are less complex business forms, they require less extensive customer due diligence than other business forms.
Why do you not differentiate within one business form?
We have seen that the complexity of our customer due diligence efforts is roughly the same for clients with the same business form. This is why we charge the same fee for all clients with the same business form.
Why do you charge different fees for different business forms?
The type of business determines partly how much time we have to invest in customer due diligence. On average, more complex business forms require more extensive customer due diligence. A public limited company, for example, has a more complicated structure than a private-liability company, causing customer due diligence for a public limited company to generally take more time.
This way, we make sure clients for whom the bank incurs the most customer due diligence costs end up covering the lion’s share of these costs. In order to pass these costs on in the fairest way possible, we have set a fee for each business form. The fee charged covers part of the costs incurred.
Why are associations and foundations also charged this fee?
We perform customer due diligence for all our clients and monitor their transactions. We also have to combat money laundering, corruption and terrorist financing by associations and foundations.
I have business current accounts with you for a large number of companies. Is there a maximum amount you charge for customer due diligence?
Business clients who have accounts with us for over 40 companies will pay no more than € 260 in charges for customer due diligence.
Why are these fees not included in product fees?
Customer due diligence is unrelated to what products a client has taken out. The level of complexity of the due diligence we have to do depends on the business form. By charging a separate fee for customer due diligence per business form, we make sure that the costs are shared in a fair and transparent way.
