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​The information on this site is intended for the users of regular banking services as well as insurance customers, savers and investors. The site is a compilation of basic data on products and services available in financial markets.

For example, the material on this site describes

  • different types of service providers
  • the properties and risks of the products and services available
  • contracts and agreements, and
  • courses of action in possible problem situations.

This site does not provide any investment advice or recommend any particular service, product or service provider.

When is customer identification necessary?

Banks, insurance companies or other companies operating in the sector must identify their customers prior to commencement of the customer relationship. In addition, a customer must be identified and his/her identity verified if the underlying business transaction deviates from the ordinary or the service provider is suspicious of the origin or use of the funds. A customer must also be identified if the service provider suspects the veracity of previously obtained customer due diligence data. Enhanced customer due diligence requirements need to be complied with if the customer is a politically exposed person or a family member or close associate of such a person.

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See also frequently asked questions

 

 

Current issues

  • Online banking now considered a basic banking service

    Due to a change in legislation, all persons legally resident in an EEA country will have the right of access to basic banking services. These services include a payment account with basic features and an instrument for using the account (eg debit card and online banking IDs), the possibility to withdraw cash, the execution of payment transactions and an electronic means of identification. Read more about basic banking services

  • What does so-called bail-in mean for savers and investors?

    In European banking regulation, there is a new principle of so-called bail-in, or owner and investor liability. When a bank faces a financial crisis, its owners and creditors will bear the losses. The objective of the new regulation supporting banks’ crisis resolution is that crisis-ridden banks are no longer bailed out with taxpayers’ money. Read more

  • Banks must guide customers in choosing appropriate services

    On the basis of an annual review, the Financial Supervisory Authority (FIN-FSA) assesses the availability and pricing of basic banking services offered to private customers. The 2015 review is based on information as of the beginning of March. Read more

  • It’s good to know about crowdfunding

    An investor participating in a crowdfunding initiative may find it difficult to get sufficient and appropriate information in support of decision-making. Risks related to new or unestablished business ventures for which crowdfunding is sought can be significant.  For example, in the case of investing in shares, consideration must be given to the rights attached to the shares in the form of voting rights or dividends and to how information on the financial position and operation of the company concerned can be obtained. Given that there may not be well-functioning secondary markets for non-listed shares, valuation and sale of these investments may prove difficult.
    Read more

  • e-communication and IT security

    Banking, insurance and investment business can be handled also via Internet online services. Using online services is safe when both the service provider and the customer carefully fulfil their IT security responsibilities. Read your service provider's IT security instructions and make sure that you have installed the latest security updates. Before entering your customer identifiers in the online service, make sure that you are on the website of your service provider.
    Read more

  • ESMA warns of the risks in investing in complex products

    The European Securities and Markets Authority (ESMA) is concerned that not all investors necessarily understand the risks associated with investing in complex products.
    Read more (pdf)

  • EBA warns consumers on virtual currencies

    The European Banking Authority (EBA) issued a warning on a series of risks deriving from buying, holding or trading virtual currencies.
    Read more

  • Customer protection

    Customer protection aims at ensuring that services provided are relevant and in accordance with the law. Customer protection consists of the obligations imposed on the service provider by law, common code of conduct and good market practice, supervision by authorities and customer’s own responsibilities.
    Read more

 

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