Common use of Payment Order Clause in Contracts

Payment Order. 17.1 In the case of payment orders over € 5,000, the Merchant documents the identity of the beneficiary in a file. In any event, this file shall contain: 17.1.1 A certified extract from the Chamber of Commerce if the beneficiary is a company; 17.1.2 Valid proof of identity of the beneficiary (beneficiaries) of the account or directors of the company as documented in the Trade Register of the Chamber of Commerce; 17.1.3 Copy of a bank statement of the beneficiary, or a copy of the bank card with account number of the beneficiary, or written declaration by the bank that the account is held in the name of the beneficiary; 17.1.4 Description of the service/product for which the beneficiary receives payment from the Merchant. 17.2 Buckaroo reserves the right to check beneficiaries of payments against Sanction Lists, including, but not limited to, the EU, National or PEP lists, and may refuse to execute Transactions if the beneficiary appears on one of these lists. 17.3 Within the framework of the Dutch Wet ter voorkoming van witwassen en financieren van terrorisme (Wwft) the Merchant is obliged, upon Xxxxxxxx’s first request, to disclose the identity of the beneficiaries of payments to Buckaroo if Buckaroo qualifies the relevant payment as unusual. Failing the same Buckaroo shall be entitled not to process the relevant payment.