Netherlands: corporate life-insurance onboarding

For a Dutch company buying life cover, obtain KVK registration and representation information, its business details and relevant ownership records. Identify UBOs and take reasonable measures to verify them under the Wwft. Where a corporate shareholder or nominee obscures control, obtain the relevant shareholder and control agreements.

The mandate and premium payer

Check who may bind the company under the registered representation rules. Obtain the purchase resolution or delegation, including any joint-signature requirement, and verify the person acting for the customer.

Record the insured person, beneficiary, premium payer and the company's reason for the policy. Request financing and assignment documents if a lender has policy rights. Obtain supporting evidence for premiums paid by another company or person.

Beneficiaries and changed instructions

Collect beneficiary details at designation, including enough information to identify a recipient designated by class or description. Apply the insurance-specific identity-verification requirements at payout and the relevant PEP checks before benefits are paid.

Treat an assignment, change of beneficiary or early surrender as an instruction requiring review of the current rights and authority. Confirm the recipient's entitlement and investigate unexplained payments to an unrelated account.

Keep policyholder CDD current and apply enhanced measures to higher-risk cases. Report qualifying unusual transactions to FIU-NL under the applicable indicators; preserve the assessment and supporting policy records.