SEB Pank: Protecting Customer Data and Ensuring Compliance
Introduction
Tallinn, Estonia - In an effort to prioritize customer data protection and ensure compliance with regulations, SEB Pank is taking a proactive approach to collecting information on ultimate beneficial owners (UBOs) of business customers.
What are UBOs?
According to SEB Pank’s policy, UBOs are individuals who have a direct or indirect ownership stake in a company, or those who exert control over its operations. This includes:
- Founders
- Managers
- Board members
- Individuals who own shares or have voting rights
Why is UBO Information Important?
SEB Pank collects this information separately from other customer data to comply with the Money Laundering and Terrorist Financing Prevention Act. Customers are required to submit UBO data and maintain it up-to-date, and the bank has the right to terminate relationships with customers who fail to do so.
Importance of Accurate and Timely Data Submission
The bank emphasizes the importance of accurate and timely data submission, citing the need to protect customer confidentiality and prevent potential risks. If a customer fails to provide necessary documents or information despite reminders, SEB Pank may limit their access to funds until the issue is resolved.
Identifying UBOs in Cases Where Information Cannot be Found
In cases where UBOs cannot be identified, SEB Pank will identify alternative individuals who exert control over the company’s operations, such as:
- Senior management members
- Board chairpersons
This approach ensures that the bank can fulfill its regulatory obligations and maintain transparency in customer relationships.
Data Protection Laws and Storage
To ensure compliance with data protection laws, SEB Pank stores UBO information for 10 years after a customer relationship has ended. The bank also adheres to European Union law and international standards regarding data disclosure requirements.
Notification of Discrepancies and Verification
In an effort to promote transparency and cooperation, SEB Pank notifies customers of any discrepancies in their submitted UBO information and requires them to update it if necessary. In cases where the bank suspects incorrect or incomplete information, it will verify circumstances related to the UBOs through additional means.
Conclusion
By prioritizing customer data protection and ensuring compliance with regulations, SEB Pank is demonstrating its commitment to maintaining trust-based relationships with customers while also safeguarding against potential risks.