Do you need to provide customer information?
Ahead of employing our services, you have probably been asked to disclose customer information. We ask this as part of our compliance to Know Your Customer (KYC) standards. You can provide your KYC information via the link below. To provide the information you need to be able to identify yourself, so make sure you have your BankID ready.
Why do we ask questions?
Does it seem strange that we want to know what you earn, where your money comes from, or if you are active politically? The reason for this is something called the Money Laundering Act. As a bank, we are under legal obligation to assess the risks of our operations in order to prevent our services being used for money laundering and terrorist financing. So to abide by the law, we need to know who you are as a customer, the origin of the money and the reason for certain transactions.
What does this mean for you as a business customer?
If you are the representative of a business, you not only must to be able to show a valid ID but also that you have the right to represent the company in question. Furthermore, you must disclose who the beneficial owner is (the individual or individuals who own or control the company). It may also be the person or persons who benefit from someone acting on their behalf. If there is no principal owner, the CEO or the Chairman of the Board (or other high-ranking executives) is considered to be the company's beneficial owner. This information is key both when it comes to combating money laundering and the financing of terrorism. You must also be prepared to answer questions about the company's operations, turnover, and how you intend to use our services.
When are we prevented from providing a service?
There are times when the letter of the law prevents us from carrying out a request. This includes a customer's inability to present a valid ID, or offer an acceptable explanation as to why you want us to provide a particular service. If we fail to comply with the law, the Financial Supervisory Authority can penalize both the employee assisting in the matter and our bank.