Know your customer – why does the bank ask?

Questions and answers

How do I know that a letter has been sent by Nordea or that a website is actually Nordea’s and not a hoax or phishing attempt?

If you have received a letter containing a link and a personal code, be sure to write the web address yourself instead of clicking the link.

If you are unsure whether you have in fact been contacted by Nordea, you can call Nordea Customer Service, tel. 0200 70 000. If you have received a letter from Nordea Finance, you can call Nordea Finance Customer Service at 0200 86215. See more detailed information on Nordea Finance hereOpens new window.

After you have logged in to Netbank or written the web address, you will see a padlock icon in the address bar. It tells you that you are on a secure page. Before you fill in the form, you can check that your name and personal identity number have been filled in automatically.

Why did my child who is under 18 receive a letter requesting an update of customer information?

We will also contact children, as banks have a statutory obligation to know their customers. We ask the same questions from all our customers, including minors.

Do you ask all your customers questions related to knowing your customers?

Yes. We ask these questions of all our customers but we do it at different times. You and our other customers can help us prevent illegal activities by answering these questions.

Why do you ask such questions?

Security in banking is your most important right as a customer. This is why all Finnish banks are obliged by law to continuously update the information they have on their customers. We contact all our customers regularly to verify information related to their identity and banking. We do this to prevent any misuse and to ensure that all customer information we have is correct and up-to-date.

Nordea is trusted for its corporate social responsibility and we wish to keep this trust.

What is this information used for?

We use this information for getting to know our customers, their business and their need for our banking services. This allows us to offer our customers services that best match their needs, to secure their financial interests and to detect any atypical or suspicious activity. 

We wish to protect our customers and the entire society. The requested information is updated in our customer information systems so that all information about you is correct and up to date. Identification data and other personal data can be used for the purpose of preventing, investigating and uncovering money laundering and terrorist financing, and for raising an official investigation into money laundering or terrorist financing and into the crime with which the property or the criminal benefit related to money laundering or terrorist financing was obtained. 

Do I have to answer all these questions?

Yes. All customers must answer these questions. As a bank and a responsible member of society, Nordea is obliged to ask these questions of all its customers.

Yes, and if you answer the questions online, it is important that you save all the pages of the form. This prevents the information from being lost even if you didn’t answer all the questions during your first login.

Reminders of filling in the form will be sent to you until you have completed it.

Will you close my services with Nordea if I don’t answer these questions?

We need your answers to these questions to guarantee you secure and smooth access to our banking services. If we do not get the required information from you, it may ultimately lead to a situation in which we can no longer provide you with all of our services or give you the advice you need.

Do all banks ask these kinds of questions?

Yes. The law requires all banks to know their customers and that is why banks must obtain information about their customers. However, banks may do it differently and at different times. Still, the statutory obligations are the same for all banks.

More information: www.finanssivalvonta.fiOpens new window

Can I answer the questions later?

 

We kindly ask you to answer as soon as possible and no later than the requested deadline.

Do you share this information with other banks?

 

No. The purpose of your answers is to make sure that all information on you is correct and up to date at Nordea. We also use the information in connection with statutory reporting.

 Your information is treated as confidential and processed in compliance with bank secrecy and the General Data Protection Regulation.

Can I change my answers?

If you want to change or update your previous answers, you can call Nordea Customer Service. If you have received a letter from Nordea Finance, you can call Nordea Finance Customer Service at 0200 86210.

How often do you ask these kinds of questions?

We have to ask these questions at regular intervals because the legislation requires all Finnish banks to keep their customer information up to date.

Nordea bears its corporate social responsibility by maintaining sufficient and up-to-date information in order to know its customers.

Why do you ask about my country of residence for tax purposes?

The OECD (Organisation for Economic Co-operation and Development) has decided on an international Common Reporting Standard regarding automatic exchange of financial account information between states. This standard has been adopted by more than 40 countries, including Finland and all the other EU countries.

The standard means that financial institutions are obliged to find out in which country/countries the customer is tax resident. All information on the customers who are liable to pay tax in other countries or jurisdictions must be reported annually.

Why do you ask about my country of birth and nationalities?

We need the information on the country of birth and nationality to know our customers.

I have been Nordea’s customer for over 10/20/30 years. Why do I have to answer these questions now? I know my banking adviser personally. What do you need this information for? There have been no changes in my customer information since I became a Nordea customer. Do I still have to answer these questions?

The legislation requires all Finnish banks to update their customer information regularly. Above all, we want to secure your financial interests and protect you from any illegal activity. Nordea bears its corporate social responsibility by maintaining sufficient and up-to-date information in order to know its customers.

We ask these questions of all new customers and our current customers regardless of how long they have been our customers.

Will you contact me after I have answered these questions?

 

Depending on your answers, we may need additional information and we may contact you.

Why did I receive a letter even though my spouse filled in this questionnaire in Netbank?

The questionnaire is personal and it can be delivered to customers via different channels.