Know Your Customer
Banking is based on trust which consists of good service, knowing one’s customer, and the right solutions. We ask a variety of questions because we wish to know our customers and understand their financial dealings.
There are some questions we ask for other reasons. As a financial institution, a bank has an obligation to prevent money laundering, terrorism and financial crimes. Therefore, some of our question are related to these matters.
What kind of questions do we ask?
Banks have a statutory obligation to identify and know their customers. We verify the customer’s identity using a document accepted by FOREX Bank. In addition to personal details, the bank must have sufficient information on, among other things, the origin of the customer’s funds.
In order to establish the origin of the customer’s funds, we may need, in addition to a written statement, for instance deeds of sale or other documents. By giving us the information we request, you support our work against crime and assume your share of social responsibility. All information you give us is treated confidentially in accordance with the regulations on bank secrecy.
A financial institution must also establish whether the customer is a politically exposed person (PEP) in another country or a family member or close business partner of a PEP. This does not mean we inquire about the customer’s political views.
For more information about the demands on identifying and knowing your customer, please visit the Financial Supervisory Authority’s homepage.
For more information about money laundering, please visit the Financial Supervisory Authority’s homepage.