In order to continue to comply with the requirements of the regulatory enactments and to provide our Customers with the most suitable and appropriate banking services, the Bank needs to understand and know its Customer. Therefore, by following the “Know Your Customer” (KYC) principle that is aligned with the local legislation, Nordea from 5th September 2016 will proactively initiate additional efforts on a regular Customer data update.
While cooperating with Customers the Bank is required to know, understand and obtain information about them and the essence and objective of the their current or planned transactions as well as find out the true beneficiaries and protect the Customer by preventing identity theft, financial fraud, money laundering and terrorist financing.
Banks are obliged* to regularly find out and update necessary KYC information, by regularly asking Customers to complete special questionnaires, if needed. Therefore it is possible that Banks can call Customers and ask to provide or clarify some information.
In order to update KYC information the Bank’s household and corporate Customers with missing or out-of-date KYC will be asked to provide all necessary information to the Bank. The information will be collected in Nordea branches, by postal service and using various digital solutions, for example, the private customers will be able to submit the information in the Netbank.
Of course, pursuant to the Credit Institutions Law, the Bank is obliged to treat all the information received with confidentiality and will use it only to fulfil the Bank's statutory obligations.
We are looking forward to your responsiveness and hope you understand the need and value for this process.
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