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The strict requirements for banks to check their business partners mean that it sometimes takes longer for companies to open an account. Not only must the company be harmless, but also those responsible. If they are among the so-called politically exposed people, for example because they hold positions in public or international organizations, even their relatives are considered at risk of corruption. Banks would have to check their money movements particularly carefully. The legitimation of customers therefore plays an important role in banks, regardless of whether it is about investment funds, asset management, insurance or companies.
Also read: Daily or money market funds – which is better?