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SEB Pank Aligns Risk Appetite with Customer Data Collection
In a move to strengthen its risk management practices, SEB Pank has emphasized the importance of collecting accurate and up-to-date customer data. The bank’s risk appetite is closely tied to the level of information it receives from customers, which in turn determines the extent of risks it is willing to take.
The Importance of Customer Data
According to sources, the bank requires customers to provide necessary documents and pertinent data, which is used solely for purposes related to the contract and in cases prescribed by law. The bank stresses that all submitted data is confidential and ensures compliance with the laws of the Republic of Estonia regarding data protection.
Bank’s Commitment to Good Banking Practice
In a statement, SEB Pank emphasized its commitment to good banking practice and customer care, stating that measures taken are only inconvenient if there are legitimate reasons for them to be so. “We take our customers’ trust seriously and believe that transparent communication is key to building strong relationships,” said a bank spokesperson.
New Regulations and Data Collection
The bank’s efforts to collect accurate customer data have been strengthened by the implementation of new regulations aimed at preventing money laundering and terrorist financing. As part of these efforts, SEB Pank collects data on ultimate beneficial owners of business customers, including:
- Companies
- Non-profit organizations
- Foundations
- Investment funds
Alternative Methods for Identifying Ultimate Beneficial Owners
In cases where the ultimate beneficial owner cannot be identified, the bank may rely on alternative methods to determine control or ownership. For instance:
- In the case of self-employed individuals, they are assumed to be the ultimate beneficial owner.
Verifying Customer Information
The relationship between SEB Pank and its customers is built on trust, with the bank relying heavily on customer-provided information to verify the accuracy of ultimate beneficial owners. However, if the bank suspects that provided information is incorrect, it has a responsibility to verify circumstances related to ultimate beneficial owners.
Conclusion
SEB Pank’s commitment to collecting accurate customer data reflects its risk appetite and dedication to good banking practice. As the bank continues to emphasize the importance of transparency and compliance, customers can rest assured that their trust is being protected.