Swedbank’s Commitment to KYC Process in Estonia: Adhering to Legal Norms and Providing Better Service

Swedbank Estonia is dedicated to the “Know Your Customer” (KYC) principle. This commitment ensures compliance with legal norms and enhances our banking practices.

The Importance of KYC

The KYC principle requires us to:

Gather essential customer information
Confirm identities
Assess transactions

Customer Information

We request our customers to provide the following details:

Registration information
Tax residence
Tax identification number
Beneficial ownership
Business activity area

This information aids us in:

Confirming identities
Assessing transactions aligned with economic activities

Additional transaction information may be required if necessary.

Keeping Us Updated

When your company details change, ensure you update our database promptly. This practice:

Facilitates efficient communication
Ensures accurate information

You can modify the Customer Questionnaire for Legal Entities accordingly.

Tax Information Exchange Obligations

Swedbank must share customer information, including yours, with the Estonian Tax and Customs Board. This compliance is vital to meet international regulations such as:

Common Reporting Standard (CRS)
Foreign Account Tax Compliance Act (FATCA)

FATCA and US Taxable Persons

Swedbank follows FATCA regulations to ask customers if they are taxable persons of the United States. The Tax and Customs Board reports this information to the US Internal Revenue Service to maintain full compliance. For more details on FATCA, please visit the Ministry of Finance and Internal Revenue Service of the US websites.

Europe and OECD Member States

The CRS regulates tax information exchange between EU and OECD countries. Swedbank shares taxable person information with the Estonian Tax and Customs Board, and the board forwards the details to the tax boards of other member states. Further information can be found on the Ministry of Finance and OECD websites.