Amsterdam Court of Appeal: Yes, if there are integrity risks
In January 2025, the Amsterdam Court of Appeal ruled in a case between ING Bank and the Stichting Voor Waarheid (formerly Viruswaarheid.nl) that a bank may, in some cases, rightly terminate a business account, even if it has significant consequences for the organization.
What happened, and what can entrepreneurs or managers learn from this?
The issue: Donor funds used for personal payment
The foundation had an account with ING under the name of its original organization “DancaMundo,” a dance organization. When this foundation was suddenly transformed into Viruswaarheid.nl (with an entirely different purpose), donors started transferring money for lawsuits against the COVID-19 policies.
Subsequently, €50,000 was transferred from this account to a Spanish seller for a piece of land, bought by the foundation’s director for personal use. According to him, it was a loan – but despite repeated requests, ING never received the necessary documents.
This raised suspicions at the bank. Was donor money being used for personal purposes? And who was actually the client here?
ING terminates the account: Correctly, according to the judge
In November 2020, ING decided to terminate the business account. According to the judge, this was justified:
• The money was used for something other than the official purpose of the foundation.
• The bank had no clear picture of the structure and money flows.
• The foundation did not cooperate adequately with the required client investigation.
Even later, when the foundation expanded its board and the loan was repaid, the judge maintained that ING could terminate the relationship. An important point here: the foundation continued to believe it had done nothing wrong – and made that clear during the lawsuit.
Does a foundation or entrepreneur have a right to a bank account?
Without a bank account, it’s hard to operate: no payments, no donations, no normal business activities. But that doesn’t mean a bank is obliged to give or keep an account for you.
A bank may refuse an application or terminate an account if, for example, there are:
• Unclear money flows;
• Unreliable information;
• Signs of conflicts of interest (such as personal use of foundation funds);
• Insufficient cooperation with inquiries or investigations.
Banks fall under the Wwft (Money Laundering and Terrorist Financing Prevention Act) and therefore must carefully assess who their clients are – and where the money is coming from.
What does this mean for you as an entrepreneur or manager?
Do you have a foundation or business that relies on donations or other external money flows? Or is your company currently being reviewed by the bank? Pay close attention to the following:
✔️ Ensure that the statutes, purpose, and use of the account align with each other.
✔️ Only use business accounts for the purpose they were opened for.
✔️ Cooperate fully and timely if the bank asks questions or requests documents.
✔️ Avoid using business or donation funds for personal purposes.
✔️ Always explain any changes in your organization or structure to the bank.
Conclusion
The ruling of the court is clear: if a bank rightly doubts the integrity of a client – for example, due to ambiguity, incomplete information, or the risk of misuse of funds – it may terminate the relationship. Even if you set things straight afterward, the bank does not have to re-enter into a relationship with you.
This may sound harsh, but it’s all about trust and transparency. So, make sure you, as an entrepreneur or manager, leave nothing to chance.
Is your account being investigated or are you afraid of termination?
We advise entrepreneurs, foundations, and institutions on their relationship with banks, ongoing client investigations, and how to prevent the risk of being excluded. Feel free to contact us – preferably before it’s too late.
