What information do we need?

Banks and finance companies have a statutory obligation to identify and know their customers. In addition to personal data, we must have sufficient information on our customer’s business and financial position and the origin of their funds. By giving us the information we request, you support our work against crime and bear your share of social responsibility. All information you give us is treated confidentially in accordance with the regulations on bank secrecy. 

We execute identification measures before signing any agreements and during the agreement period if necessary. A vendor’s representative may identify a customer on our behalf. 

Beneficial owners – who are they?

Tukirahoitus Oy must know its customer companies and the persons who have control over the companies. A beneficial owner is a person for the benefit of whom the business is operated – they know the origin and purpose of the company’s funds. 

A beneficial owner is a person who holds 25% or more of a company’s voting rights and who has the right to appoint or dismiss more than half of the company’s board members.

There is no need to identify the beneficial owners if the customer is

  • a public entity, a public limited company (plc)
  • a financial institution or an insurance institution
  • a state church
  • an association, a foundation, a students’ union 
What is a PEP?

Tukirahoitus Oy also needs to find out if you are a politically exposed person (PEP). 

A politically exposed person is a person who during the past year has held or is currently holding a public position, such as

the head of state, a minister, member of parliament, member of a political party’s administrative body, member of the highest courts of justice, member of the supreme decision-making body auditing the state’s treasury, manager, vice-manager or member of the board of an international entity, member of the central bank’s board, ambassador or chargé d’affaires or an officer of a body of generals, or who holds or has during the past year held a leading position in a company wholly owned by the state. 

The next-of-kin (spouse, children and their spouses, parents) of a politically exposed person and the close business associates of such persons are also considered politically exposed persons.