Principle „Know your customer“

Why does the bank ask people to provide their details?

To develop and improve our services we mostly focus on providing you with convenience and security. At the same time, just like all banks, we must comply with legal requirements and follow the principle Know Your Customer (KYC) in our operations.

For this reason, we ask our clients to provide us with certain information:

  • We ask questions about contact details, nationality, place of residence, area of activity, etc.
  • We periodically send requests to provide or update information;
  • if necessary, we ask for additional details about a specific transaction (for instance, about the origin of funds credited to the client’s account);

Based on the aforementioned principle, the bank has to know who/what the client is and what its ordinary activity is as well as who/what the beneficiary is. We also have to make sure that transactions carried out by the clients meet the type and scope of their economic activity.

Such actions is also one of the ways to protect the clients themselves and the society from such threats as identity thefts and prevent any possible financial fraud, money laundering and financing of terrorism.

Besides, actual information can help the bank ensure the security of your accounts by hindering any potential illegal actions of fraudsters. Knowing the client we can identify a suspicious movement of money in accounts more easily, for instance, when fraudsters get access to the client’s account with the purpose to make fast money transfers or withdraw them.

What the bank might ask you?

The bank might ask you to complete:

  • Customer Questionnaire for Natural Persons – a questionnaire provided when opening a first bank account and periodically updating customer’s information;
  • Legal person’s declaration – a questionnaire for legal persons which is filled in when opening a bank account and updating information.

What should you know?

  • This is obligatory pursuant to laws. Banks collect clients’ details not on their own initiative but because they are obliged so by legal requirements. These requirements apply to all banks.
  • It is an ordinary procedure. A request to provide details is not related to any suspicions. It is an ordinary procedure which applies to all customers of the bank.
  • Information you will provide will be stored carefully. All information you provide is confidential and stored carefully as established in legislation.
  • Should you have any questions, do not hesitate to contact us. Call us: 1884 (for private clients) and 1633 (for business clients) or come to any Swedbank’s office.
Important: in case of failure to provide details, the bank might be forced to restrict the client’s access to certain bank services (e.g. block payment cards, internet bank, account, etc.)

How to provide the required details for private customer?

How to provide information for corporate clients?

Frequently asked questions

  • 1. Why do banks ask their clients to provide information about them?

  • 2. If I am asked to fill in a Customer Questionnaire for Natural Persons, does that mean that I am suspected of something?

  • 3. Do these requirements apply to all banks?

  • 4. What institutions are authorised to receive the details I provide?

  • 5. What might happen, if I refuse to submit the Customer Questionnaire for Natural Persons?

  • 6. Why do I have to indicate my relatives who occupy top management positions?

  • 7. What languages can be used to fill in the declaration/questionnaire?

Legal requirements

  • 1. What is money laundering and funding of terrorism?

  • 2. Principle Know Your Customer

  • 3. Politically Exposed Persons

  • 4. Transfer of Information to Third Parties

  • 5. International Sanctions: Restrictions (Prohibitions) on Making Payments and International Lists of Terrorists and Other Entities Subject to Sanctions

  • 6. In case a client refuses to provide information or provides incorrect information

  • 7. Supervision and Control of Bank’s Performance