UPDATING DOCUMENTATION

Banks are legally required to know and keep their customers' information up to date. This process is known as KYC (“Know Your Customer”). 

Its purpose is to:

• Verify the identity of customers
• Understand their economic activity
• Ensure the security of operations
• Prevent fraud, money laundering and terrorist financing

For this reason, the bank must request and keep your documentation up to date both at the start of the relationship and on a periodic basis.

Yes. This is not voluntary or optional. This obligation arises from anti-money laundering and counter-terrorist financing regulations.

Current legislation requires banking institutions to:

• Correctly identify all their customers
• Know the source of their funds
• Periodically review their information
• Monitor their transactions

Because of this, it is essential to provide and keep your details up to date.

For individuals:

• Valid identity document (national ID card, residence permit or passport)
• Employment or income information
• In some cases, supporting documents (payslips, tax return, etc.)
• Updated address and contact details
• Information on the source of funds (in certain cases)

For companies or entities:

• Articles of association and company bylaws
• TIN
• Identification of directors or authorised representatives
• Identification of the beneficial owner (persons who control the company)
• Information about the company’s activity

Because the law requires the bank to keep the information up to date.

As a result:

• You will be asked to review your details periodically
• You may also be asked for documentation relating to specific transactions

If you don't provide the information requested, the bank is required to take action.

This may include:

• Restricting your account
• Limiting your transactions (for example, receiving incoming payments)

These measures are not optional for the bank; they are part of legal compliance.

To submit/update your documentation or unblock your account and operate normally, you should update your documentation as soon as possible.

You can do so in several ways:

• Through online banking or the app (the fastest option)
• At your usual branch
• By contacting your account manager

Once the documentation is reviewed, your account activity will be restored.

The simplest way is through digital banking or the app, where you can upload the requested documents directly.

If you have any questions or are unsure what documentation to provide:

• Contact your account manager
• Visit your branch

We will be happy to assist you.