SEB Bank in Estonia: Embracing KYC Protocols for Transparency and Security

SEB Bank, one of Estonia’s leading financial institutions, is dedicated to upholding international and local regulations, including the Estonian Money Laundering and Terrorist Financing Prevention Act. The bank adheres to the Know Your Customer (KYC) principle to maintain a reliable and secure banking environment.

Adhering to KYC Principle and Regulations

• SEB Bank is committed to identifying its customers and maintaining accurate and updated information (Estonian Money Laundering and Terrorist Financing Prevention Act).
• Collects and verifies customer data, such as ultimate beneficial owners, economic operations, and tax residency (CRS (Common Reporting Standard) and FATCA (Foreign Account Tax Compliance Act)).

“We are obligated to identify our customers and keep their data accurate and current. This information is crucial in identifying and preventing suspicious transactions that could potentially threaten our customers’ funds and the broader financial sector.” SEB Bank representative

Data Collection and Verification

• Inquiries about ultimate beneficial owners, economic operations, and tax residency are necessary for tax information exchange with EU Member States and OECD countries.
• Customers may provide requested information through the Internet Bank or at branch offices in Estonian, Russian, and English.

Special Cases and Enhanced Due Diligence

• Minors are also subject to the KYC process, with legal guardians responsible for updating their child’s account information.
• SEB Bank follows the European Union list of Politically Exposed Persons (PEPs) and conducts enhanced due diligence for such customers.
• Gathers data on business relationships to ensure customer funds are not associated with illegal activities.

Customer Convenience and Data Protection

• The bank takes measures to prioritize customer convenience while ensuring the safety and security of their funds.
• All data provided to the bank is treated as confidential and used solely for purposes related to the contract and as required by law.
• The bank follows applicable data protection laws.

Importance of Customer Cooperation

• Customers are encouraged to be cooperative in providing requested information promptly to maintain the security of their accounts and ensure a more efficient banking experience.

“Our goal is to provide the best possible service while ensuring the safety and security of our customers’ funds.” SEB Bank representative