Financial Crime World

Here is the article in markdown format:

FINLAND’S TOP BANKS ENFORCE TOUGHEST KNOW YOUR CUSTOMER (KYC) POLICIES IN EUROPE

As part of its efforts to combat financial crime and protect customers’ interests, one of Europe’s largest banks is enforcing some of the strictest Know Your Customer (KYC) policies in Finland.

What are KYC Policies?

KYC policies are designed to safeguard corporations’ financial interests and protect them from illegal activities such as identity thefts, hoaxes, and phishing of information. The bank also wants to ensure that it complies with all laws and regulations related to preventing money laundering, terrorism, and financial crime.

The KYC Process

When establishing a new customer relationship, the bank asks questions such as:

  • Name
  • Date of birth
  • Nationality
  • Contact details

After that, the bank updates the information regularly when a company representative or an entrepreneur contacts them or visits a branch.

Identity Verification Procedures

The bank requires all business customers to undergo rigorous identity verification procedures before opening an account. This involves providing identification documents such as:

  • Passports issued by Finnish authorities
  • ID cards issued after March 1st, 1999
  • Seaman’s passports
  • Traveling documents issued by foreign authorities and accepted in Finland

E-identification

E-identification is also available for customers with a Finnish personal identity number. However, this technology is only available to those with identity documents issued by authorities within the European Economic Area (EEA), San Marino, or Switzerland.

Protecting Your Information

The bank reminds its customers that it will never request personal or corporate Netbank access codes or card information via email or over the phone. To protect your device and prevent unauthorized access:

  • Make sure your device is protected with updated antivirus software
  • Use a functioning firewall
  • Do not open emails or links from unknown sources

In Conclusion

Finland’s top banks are taking a tough stance on KYC policies to protect their customers and prevent financial crime. By understanding what is required during the KYC process and keeping your information up to date, you can rest assured that your financial interests are safe with them.