Questions and answers
- 1. Why have I received a request to update my company’s information?
By keeping your information up to date, you increase your own protection. Up-to-date information allows us to safeguard the financial interests of our corporate customers and to protect them from illegal activity, such as identity theft, hoaxes and phishing.
However, some of the questions are due to other reasons. As one of Europe’s largest banks, Nordea takes its social responsibility seriously. Banks are subject to many laws including ones that seek to prevent money laundering, terrorism and financial crime.
We may also use the information you provide, for example, to assess the suitability of an investment product or service for you – as a bank we are obliged to so. By providing the information now, you won’t have to answer the same questions time and again.
We always ask questions when establishing a new customer relationship, and we update the information regularly whenever our corporate customer or its representative contacts us. We may also call you or send the basic information form for you to fill in. The questions are the same as the ones asked at customer meetings.
If you represent an association, we will require the following documents:
- An up-to-date extract from the Register of Associations
- Rules of the association
- Minutes of the annual meeting and an appendix that contains the names, personal identity codes and nationalities of all members of the board, as well as information on whether they or their close relatives are PEPs (Politically Exposed Persons)
- -Minutes from a meeting of the board that contain detailed information on any changes to be made to the association’s account (incl. who has the right to use the account, new services, termination of unnecessary services).
Please deliver the necessary documents through your personal Omaposti channel, which you can log into through the following link:
- 2. What is a ‘Politically Exposed Person’?
Finnish law requires banks to know their customers, which includes finding out whether they are a Politically Exposed Person (PEP) or a family member or a close business associate of a PEP.
A PEP is a person who during the past year has held or is currently holding a public position, such as:
- a head of state
- a minister
- a member of parliament
- a member of a supreme court
- a member of a supreme decision-making body auditing government finances
- a member of the board of a central bank
- an ambassador or attaché
- an officer of a body of generals
- an executive of a government-owned company.
The immediate family members of a PEP are:
- a spouse
- children and their spouses
- 3. Why does my company receive letters concerning FATCA?
FATCA stands for Foreign Account Tax Compliance Act, a US law that governs the taxation of accounts and other investment assets held abroad.
Its purpose is to prevent tax evasion in the United States. Under FATCA, financial institutions must identify the customers whose information they must report to the US authorities.
FATCA has been or will be implemented through local legislation in numerous countries, including all the Nordic and Baltic countries.
Financial institutions must identify US persons, companies and corporations who are their customers and report annually on the accounts and investment assets these customers own directly or indirectly. This information is normally reported to the local tax authorities in each country.
Nordea must comply with the requirements of FATCA in every country it operates in, and for this reason we must review all existing and new customers and verify their FATCA status. If we need additional information, we will contact our customers directly.
- 4. How can I leave a request for contact?
You can leave a request for contact by clicking this or by calling Nordea Business Centre, tel. 0200 26262, Mon–Fri 9.00–16.30.
- 5. Which address can I send the requested documents to?
You can send the requested documents through your Omaposti channel (nordea.fi/omaposti) or by email to firstname.lastname@example.org
- 6. Can I open a corporate account even if I have defaulted on payments in the past?
All corporate customer relationships are assessed case by case. If your company has a payment default entry in the credit information register, we recommend that you call Nordea Business Centre, tel. 0200 26262, Mon–Fri 9.00–16.30, so that we can make a better assessment of your situation.
- 7. How can I update my company’s information?
If you are authorised to sign for your company, you can update the company’s information by sending a message through your personal Omaposti channel or by calling Nordea Business Centre, tel. 0200 26262, Mon–Fri 9.00–16.30. Please have your personal online access codes at hand when calling.
- 8. How can my company become a Nordea customer?
You can open an account and other services for your company in a meeting over the phone if you are authorised to sign for your company and you have personal online access codes. Book a phone meeting by calling Nordea Business Centre, tel. 0200 26262, Mon–Fri 9.00–16.30. Alternatively, you can sign up as our corporate customer on our website, www.nordea.fi, under Become a customer > Become a corporate customer online. The service allows you to identify yourself using the online access codes of other banks as well.
To find out what documents you need to provide us in order to open a corporate account, go to www.nordea.fi > Business > Our services > Accounts and payments > Corporate accounts > Opening an account.
- 9. Where can I handle the banking of my housing company
You can handle the banking of a housing company be sending an email to email@example.com or by calling Nordea Business Centre, tel. 0200 26262, Mon–Fri 9.00–16.30.
- 10. The legal form of my company has changed. What should I do?
If the legal form of your company has changed, you must update your information with us. You can book an appointment for updating your company’s information by calling Nordea Business Centre, tel. 0200 26262, Mon–Fri 9.00–16.30.
- 11. Where can I declare that my company is bankrupt or in liquidation?
Companies do not need to declare that they are bankrupt or in liquidation to us. We will receive the information automatically.
- 12. How can I change the persons allowed to use the accounts of an association, a coop, a foundation or a housing company?
Changes to who has the right to use the accounts can be made in a phone meeting if the new person to be given authorisation has the online access codes for personal customers.
In the case of an association, a coop, a foundation or a housing company, we always require the minutes of the meeting of the board in which the decision on the authorisation was taken.
To make changes, please book a meeting by calling Nordea Business Centre, tel. 0200 26262, Mon–Fri 9.00–16.30.
- 13. I signed up my company as a corporate customer online. When can I open an account and services?
We aim to process all applications for becoming a corporate customer within five (5) banking days. You can enquire about the status of your application by calling Nordea Business Centre, tel. 0200 26262, Mon–Fri 9.00–16.30.
- 14. I am unable to complete the application for becoming a corporate customer online.
Associations and companies registered abroad cannot apply for becoming a corporate customer online. If you are facing problems with filling in or sending the application, we recommend calling Nordea Business Centre, tel. 0200 26262, Mon–Fri 9.00–16.30 (service in English).
- 15. How does the Corporate Documents service work?
- 16. Online meeting
You can join a scheduled online meeting from your personal Netbank by clicking ‘Contact us’. This will open a new browser window where you will see a link to your online meeting.
- 17. Where can I find an itemisation of the service fees?
Your company’s service fees are determined on the basis of the services it uses. Service fees can be charged at a fixed monthly price or based on how many services are used. Your service fees are itemised on your e-statement by service. If you are not using the e-statement service, you can ask for a service fee itemisation by calling Nordea Business Centre, tel 0200 26262 (service in English, Mon–Fri 9.00–16.30).