"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 contact details, citizenship, tax residence as well as the area of 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 our customers with a request that they specify or update their details.

What kind of information do we request?

Short client data form

At least once a year, we ask you to confirm your data in the shorter format. This allows us to always contact you quickly and offer you a better service. Please also update your data whenever something changes.

My data

Client data form

From time to time, we ask you for detailed information about your ordinary transactions and area of activity. We ask our clients step-by-step to fill in the questionnaire.

Client data form

If you don’t use the Internet Bank or you can’t log in at the moment, you can send the data we need in a PDF form signed with your ID card to info@swedbank.ee.

Why do we ask for so much information?

  • Most of us are law-abiding citizens and it might seem that we are asking too much information about our clients. Unfortunately, we must take into account that we are faced with a complex international situation that requires us to fight corruption, money laundering and terrorism.
  • With that in mind, several legal acts (e.g. "Money Laundering and Terrorist Financing Prevention Act", "International Sanctions Act", "Tax Information Exchange Act") have imposed a number of additional obligations on banks in order to implement the “know your customer” principle, which also includes collecting data from our clients. As such, we ask you to update your data every now and then.
  • By updating your data you are contributing to our fight against terrorism and money laundering. Transparent client relations significantly restrict money laundering possibilities. If the client’s data are correct and client-related risks are assessed well, it is so much easier for us to detect suspicious transactions.

Who are politically exposed persons?

We are required to identify politically exposed persons whose role in society calls for heightened attention. The family members and close associates of a person with public authority are also deemed to be politically exposed persons.

More about politically exposed persons

What is tax information exchange?

Pursuant to CRS and FATCA regulations, we must ascertain the client’s residence for tax purposes. We are obligated to share information with the Tax and Customs Board if our client is a tax resident of a foreign country.

Read more

What are we doing with this information?

  • We proceed from the principles of client data processing when storing contact details. All of the data you give us are protected by strict security and confidentiality rules.
  • We disclose client data to third persons only if we have received the client’s written consent or if the disclosure of data is required of us pursuant to law (e.g. a notary, the police, the Tax and Customs Board).

What happens if I don’t submit the data required?

  • If a client does not give us the data we need, they can only continue with their banking transactions after submitting the data we requested.
  • If the client has failed to respond to our request to update their data, this could mean that they have something to hide or something has happened to them and, in order to mitigate the risks, we must pay extra attention to the client’s transactions and, for example, restrict their access to their account.