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How to find the VAT number of a counterparty or customer ?
How can you, as a company or obliged entity, search for the VAT number of a counterparty or customer?
Whether you are a company that has to check whether your counterparty is subject to VAT or as an entity subject to the AML Act, you have to verify if your customer has a VAT status.
Searching for the VAT number can be used in operational processes such as:
1
Claims for which insurance companies must pay and know the amount of VAT that the insured can withdraw.
2
When you use this check in your CDD/KYC process because you know that you can request monthly or semi-annual VAT returns.
3
When the fund manager wonders whether the portfolio holder/entrepreneur can recover VAT and should not charge it?
VIES on-web is an online system for verifying the VAT numbers of companies and other organisations registered in the European Union for the supply of goods or services across national borders.
In case of problems, you can always contact the national VAT authorities of each country.
Tip !
Save the control with timestamp in pdf in your files.
An AML EWRA overall risk assessment allows financial institutions to identify and appropriately manage the ML / FT risks...
KYCTue 18 June 2019
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