SEB Pank: Commitment to Transparency and Customer Relationships
As a responsible financial institution, SEB Pank takes the Know Your Customer principle very seriously. We believe that customers should be aware of their partners’ backgrounds and operations to prevent falling victim to crime or illegal schemes.
Updating Data Crucial
To ensure compliance with legal requirements, we collect data on the main partners of our customers. This includes companies providing or receiving services, as well as ultimate beneficial owners. Our risk appetite, which outlines the risks we are willing to take and their extent, ensures that customer data corresponds with these standards.
- Customers are responsible for submitting necessary documents and data
- Failure to submit required documents despite reminders may result in limiting the use of funds
- All services remain usable as normal once the necessary data is submitted
Confidentiality Guaranteed
We ensure that all submitted data remains confidential and is used solely for purposes related to contracts and in cases prescribed by law. We adhere to the requirements of Estonia’s laws and data protection regulations, issuing data only to customers, their representatives, or government agencies as necessary.
Ultimate Beneficial Owners
As part of our commitment to transparency, we collect data on ultimate beneficial owners separately for business customers. These individuals include those who own companies directly or indirectly, have control over the company, or are members of senior management. In some cases, such as self-employed individuals or non-profit organizations, the chairman of the management board is considered the ultimate beneficial owner.
Discrepancies and Notifications
In the event of discrepancies in customer data, we are obliged to submit a discrepancy notice to the commercial register. Customers are notified of any necessary updates to ensure accuracy and compliance with regulatory requirements.
Trust-Based Relationships
Our relationship with our customers is built on trust. Information on ultimate beneficial owners is provided primarily by customers. However, if we suspect incorrect information, we have a responsibility to verify circumstances related to ultimate beneficial owners.
By prioritizing transparency and customer relationships, SEB Pank demonstrates its commitment to responsible banking practices and its dedication to serving its clients effectively.