Knowing corporate customers – update your company’s information
We regularly request various information from your company during your customer relationship with us to fulfil the legal requirements set for preventing money laundering and terrorist financing.
More detailed definitions of the requested issues can be found at the end of the page under “Additional information on issues to be requested from companies”. You can update the information if you have the right to represent the company, such as the right to sign for the company.
We ask for the following information:
Basic details on owners and beneficial owners (name, date of birth or business ID, nationality, country of domicile or registration, share of ownership).
About whether any of the company’s beneficial owners or their family members or close business associates perform important public functions.
About the company’s business (a short description of the business), financial performance indicators (net sales estimate, balance sheet, personnel) and about banking services (payment transactions).
You can update the information if you click the button below and identify yourself to the service using the online bank user identifiers of OP or another bank.
If you are asked to provide additional information to the bank by means of a document (such as an extract from a register) in the Know Your Customer (KYC) information service, please send secure email the document to firstname.lastname@example.org. When it comes to documents sent to an email address, we process only documents related to KYC information.
Who can update my company’s information and where to do it?
You can update the information if you have the right to represent the company, such as the right to sign for the company. You can identify yourself to the service with the online bank user IDs of OP or another bank.
If your company has a shared right to sign for the company, one person with this right is sufficient to update the information.
You can also notify the information to your contact person in the bank.
Who is my company’s beneficial owner and why does the bank need information about them?
We are obliged to identify the natural persons who benefit from the activities of companies and entities. These are called beneficial owners. A beneficial owner is a natural person who
- owns more than 25 per cent of the company,
- holds over 25 per cent of the company’s voting rights or
- otherwise exercises control in the company, based on a contract.
If beneficial ownership is not established through ownership or contract, the managing director and members of the board of directors, for example, are considered beneficial owners in accordance with the new Act on Preventing Money Laundering and Terrorist Financing.
Who is the beneficial owner, for example, in a housing company and associations based on special legislation?
Beneficial owners include registered board members in company forms of housing companies, mutual real estate companies, religious communities and registered associations. In foundations, the beneficial owners are members of the board of trustees and members of any board of governors.
When filling in the form for an association based on special legislation, such as a road maintenance association or a co-owner society for a water area, in the section The company I represent is, select Registered association. In associations based on special legislation, beneficial owners include members of the decision-making body, such as members of an administrative committee or a trustee.
Why does the bank ask my company about its account transactions?
We need to have sufficient information about how our customers intend to use our services. We ask, for example, for your own estimate of the amount of account transactions, any possible international payments and whether OP is your main bank.
This is how we get an overall picture of the purpose of use of the account and also can better identify any unusual transactions.
Why does the bank ask my company about for what purpose I withdraw cash or where I have received the cash I have deposited?
We need to know our customers and store information on their need for services, operations, financial standing and use of services. By law, we must, if necessary, also investigate the source of funds coming into the account or their purpose of use.
Who is a politically exposed person?
To prevent misuse of public authority, our duty is to find out whether your company’s beneficial owner performs an important public function, or whether they are a so-called politically exposed person (PEP) in Finland or some other country, a family member of such a person or a close business associate. We have no intention to find out about political views or political activity.
Politically exposed persons are, for example, members of Council of State and Parliament (Finnish Parliament, European Parliament), members of the management bodies of a registered political party, members of a management, executive and supervisory bodies of a state-owned enterprise as well as directors and board members of international organisations.
Members of a municipal or city council are not politically exposed persons.
A politically exposed persons’ relatives and close associates are meant by a spouse or partner (comparable with a spouse), children and their spouses or the partner referred to above and their parents.
Why does the bank ask about a company’s tax liability abroad?
Finland is committed to international treaties on the exchange of tax information. Banks and other financial institutions are obligated to find out the country where the customer is liable to pay tax and to collect and report taxation-related information on their customers to the Finnish Tax Administration.
The Finnish Tax Administration, in turn, reports such information to those countries with which Finland has entered into tax treaties.
Do I really have to answer these questions?
Yes. To be able to serve your company properly and according to regulation, we must have sufficient and up-to-date information as long as the customer relationship lasts. If needed, we will remind of updating the information or of replying to any request for information.
Why does the bank ask for information on the company so extensively?
We ask for various company and customer data so that we can offer the most suitable solutions for differing situations of your company’s business and can ensure that the current services meet your needs.
This is how we fulfil the requirements set by regulation, because banks must, by law, know their customers. The customer’s identity must be verified from a reliable source. In addition, banks must have information on the customers’ financial standing, operations, use of services and the purpose of use of services.
Whenever needed, the bank must also investigate the source of funds and assets. How necessary the information is depends on the duration, nature and extent of the customer relationship.
How frequently does the bank ask for information?
We ask for your information before the customer relationship begins and we will update it regularly as long as the customer relationship lasts. The information must, by law, be kept up to date as long as the customer relationship lasts. You can also yourself update your information on the op.fi service or by calling Telephone Service for Corporate Customers at 0100 05151.
Do all banks ask these questions?
By law, all banks are obliged to ask for information about their customer’s operations, nature and extent of the operations, financial standing and use of services. Banks need to know their customers’ operations and background as extensively as required by the customer relationship.
Banks may, however, do so in different ways and at different times. Nevertheless, all banks are bound by the same regulation and official regulations.