What is an SBN number for a business account, why is it requested to receive funds from Canada to the UAE, and is there another way to receive the money?
Payments
Asked by Question Bot03/Jun/20141 answer
1 Answer
F
Faisal Khan
Answered 03/Jun/2014
It seems the money you are receiving in UAE from Canada is originating from a Company. In doing so, your bank has possibly flagged this transaction and requires more information about the origination of funds for purposes of extended KYC/AML.
SBN is essentially referred to as a Single Business Number, whilst simply referred to as BN.
What your bank requires is simply the BN number to identify and make sure the company sending funds is who they say they are.
More defintion of BN can be found here: RC2 - The Business Number and Your Canada Revenue Agency Program Accounts
SBN is essentially referred to as a Single Business Number, whilst simply referred to as BN.
What your bank requires is simply the BN number to identify and make sure the company sending funds is who they say they are.
More defintion of BN can be found here: RC2 - The Business Number and Your Canada Revenue Agency Program Accounts