"Know Your Customer" principle

We follow the legal norms in force and the principles of good banking practice

According to "Know Your Customer" principle we ask our customers various questions both for the fulfilment of legal norms* and for the provision of better service.

  • We have to know who our customer is and what their habitual activities consist of.
  • We ask questions about the registration details, tax residence, beneficial owners as well as area of business activity.
  • We have to monitor to ensure that the transactions our customers perform accord with the type and scope of the economic activities they pursue. If necessary, we ask for additional information about the transactions (e.g. the origin of the assets).
  • From time to time we turn to you with a request that you specify or update your details.

*For example, "Money Laundering and Terrorist Financing Prevention Act", "International Sanctions Act", "Tax Information Exchange Act".

What should I do if data has changed?

If your company’s details change, please also change them in our database as soon as possible. This means that we can always contact you quickly whenever necessary.

Tax information exchange

All the information that you have submitted to Swedbank is confidential and protected by strict security rules. However, in the cases provided for in law we are still obliged to communicate customer information to the Tax and Customs Board. The obligation to communicate tax information arises from the CRS and FATCA regulations whose main aim is to prevent tax evasion. In order to abide by the regulations, we have to communicate information to the Tax and Customs Board about the customers who may be taxable persons in foreign states. Information exchange concerns natural persons and legal entities alike.

FATCA
CRS

The CRS regulates tax information exchange between the Member States of the EU and OECD. Financial institutions of Estonia share information about taxable persons of the corresponding countries with the Tax and Customs Board, which, in turn, shares the information with the tax boards of other countries.

More about CRS: