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Bulkestate contributes to the prevention of money laundering and terrorist financing

We follow the requirements for the prevention of money laundering and terrorist financing, implement the “know your customer” principle (KYC) and comply with the sanctions rules in respect to borrowers (legal entities with whom Bulkestate has concluded loan agreements). We may, at our discretion, also apply the aforesaid towards other customers.

Transparent and trustworthy client relations are important for us and essential to the fight against money laundering and terrorist financing.

What exactly is “money laundering” and “terrorist financing”?

“Money laundering” in simple terms is the process of taking illegally-obtained proceeds (acquired e.g. from drug trafficking) and making it seem that the proceeds are legal. “Terrorist financing” means the financing and supporting of an act of terrorism and commissioning thereof.

Due diligence measures/KYC 

Upon establishment of a business relationship with borrowers, due diligence measures are always applied. Due diligence is also performed in other cases required by law (e.g. upon suspicion of money laundering or terrorist financing).

KYC is an integral part of the due diligence. We need to gather different information about the borrower and its intended transaction/business relationship as well as verify the data received in order to make sure that the borrower is not involved in money laundering or terrorist financing.

Borrower

The borrower as a legal entity is usually identified on the basis of a registry extract from the companies’ register. We also gather information about the members of the management board (or other authorised representatives) and their authorisation in representing the borrower. Management board members are required to prove their identity by providing a valid identity document (passport, ID card etc.).

Further, we must identify the beneficial owner of the borrower. The beneficial owner is the natural person who ultimately owns or controls the legal person through direct or indirect ownership or via other means. Therefore, we need to gather information to understand the ownership and control structure of the borrower. We also collect data on whether the borrower is related to a politically exposed person, its family member or person known to be a close associate.

Transaction/business relationship

We must understand the purpose of the proposed transaction/business relationship. Accordingly, we inquire the borrower, inter alia, about its field of activity, main contracting partners and gather other relevant information. In the event of complex or unusually large transactions, unusual transaction patterns that do not have a reasonable or clear economic aim, additional due diligence measures are applied, which include, among others, collecting extra information and documents.

Please note that we are also obliged to carry out monitoring of the business relationships established. This includes, among others, regular checking and updating of relevant documents and data gathered in the course of application of due diligence measures. Therefore, from time to time we request you to verify or specify your details and personal data.

All the information collected and provided by the borrower concerning the business relationship, incl. the information which serves as the basis for identification and verification of the person is protected and retained by Bulkestate in accordance with relevant laws.

Bulkestate is a member of the German-Baltic chamber of commerce and the European Crowdfunding Network.