A bank is based on trust, good service, the right solutions and the conviction that a bank knows its customers. As we want to know more about you and your situation, we ask you different questions. If we know you, then we can offer you good advice and provide banking services that correspond to your needs.
However, there are questions we ask for other reasons. Nordea is one of Europe`s largest banks and we uphold principles of corporate social responsibility. Banks have to follow many laws, including ones aimed at preventing money laundering, terrorism and economic crimes.
We ask you questions when you become our customer and regularly turn to all customers with the request to update data.
We cannot always provide a service
In rare cases, when we do not receive enough information from a customer, we are not permitted to provide a requested service. You can read more about banks` obligations and related issues on the Banking Association`s homepage.
We ask you to review your contacts, citizenship, country of birth and the country you pay taxes in. Aside from personal information, we are interested in your place of employment, financial status, origin of funds received at Nordea bank etc.
We also need to find out whether you or a family member or a person close to you is a PEP – politically exposed person, whose role in society brings heightened attention.
All your data is confidential.
Options for renewing customer data:
- Customer data renewal in Netbank
The customer data questionnaire in Nordea Netbank`s upper right-hand menu: Settings -> Customer data.
Filling in the questionnaire in Netbank is secure, because your person will be identified in Netbank before you answer the questions. You can check the security of Netbank and SSL-protocol by clicking on the padlock icon on the address bar at the top or bottom of the screen.
- Sending the filled in customer data questionnaire to the bank by e-mail
The electronically filled in customer data questionnaire can also be forwarded to the bank by e-mail.
Download the customer data questionnaire: private customer | corporate customer
The filled in form must be signed digitally, encrypted and sent by e-mail to the address email@example.com
During encryption, please use Nordea`s Commercial Register code: 12608043
The owner of the certificate is Nordea Bank AB Estonia: Customer data
Detailed document encryption guidelines are available here: http://www.id.ee/?id=36035
- Renewing customer data in a bank office
You can fill in the customer data questionnaire in Nordea bank offices with the assistance of a bank employee.
Find the nearest Nordea bank office address from kaart.nordea.ee.
Additional information from Customer Support at +372 710 1134
The legal grounds for gathering and exchanging tax information under FATCA and CRS legislation are stipulated in the Tax Information Exchange Act.
|Exchange of tax information under FATCA
Estonia and the US signed an intergovernmental agreement on improving international tax compliance (IGA) on 11.04.2014, based on US tax act FATCA (Foreign Account Tax Compliance Act – a legal act aimed at increasing US state budget income and improving declaration of taxes). Pursuant to this agreement, Estonian financial institutions must identify customers, who must pay taxes in the USA.
The term US person also includes residents and citizens of the United States of America, including residents with a permanent residence permit (Green Card holders) and citizens of the United States of America with multiple a citizenship, and companies registered in the United States.
Estonian financial institutions are obliged to submit the information regarding US persons of USA (including the data on the account owner, info on tax residency and account balance) to the Estonian Tax and Customs Board, which in turn, forwards this information to the US Internal Revenue Service – IRS. You can read more about IGA and FATCA on the webpage of the Ministry of Finance www.fin.ee/fatca and on the webpage of US Internal Revenue Service www.irs.gov.
|Exchange of tax information under CRS
The CRS (Common Reporting Standard) is a global reporting standard aimed at addressing the issue of offshore tax evasion by disclosing financial accounts held by non-residents and automatically providing governments with that information.
Under the CRS, jurisdictions like Estonian Tax and Customs Board obtain financial information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. Exchange of information regarding to CRS between EU and OECD Member States starts on 2017, but collecting information from customers started already on 2016. More information related to CRS can be found on OECD webpage http://www.oecd.org/tax/.
|How will the exchange of tax information affect Estonia customers?
Starting 1 January, Estonian financial institutions are obliged to ask all new customers to provide the bank with all tax residence countries (including USA) where customers pay taxes and their taxpayer identification number (TIN).
Within the next two years, Nordea will contact existing customers who may be reportable under the CRS.
Please be aware that if a customer does not provide the required information, the financial institution will be obliged to submit data of the person to the Tax and Customs Board. Please be advised that Nordea cannot give you any FATCA and CRS-related tax advice. If you have tax-related questions, please contact a tax specialist or visit the webpages www.irs.gov (FATCA) and http://www.oecd.org/tax/ (CRS).
Forms to provide FATCA and CRS tax-related information
If you are a taxable person (individual, as well as legal person) in any country than Estonia, we ask you to fill in the combined FATCA and CRS self-certification form where shall be added all tax residence countries and respective tax identification numbers – TINs.
If you need some other form to provide only US-related tax information, then you will find it on the US Internal Revenue Services’ webpage www.irs.gov.
Questions and answers about the Netbank questionnaire
|Why does Nordea ask its customers questions via Netbank?
||Pursuant to the law, banks are required to know their customers and how they use bank services.
We collect and update data flexibly through the channels our customers use. A secure connection to the Netbank is a safe and easy way to submit data.
|Who receives the questionnaire?
||The questionnaire is sent to all online bank users whose personal data needs to be enhanced or updated after a certain amount of time has passed.
Personal data is also updated when customers visit our bank offices, which is why we do not send the web questionnaire to all customers.
|When do customers receive the questionnaire?
||Customers receive the notification regarding the need to update data a few months prior to the deadline for updating data to afford ample time to fill in the questionnaire at a suitable time.
|How can I tell that its Nordea`s questionnaire?
||You can check the webpage and SSL protocol security in the Netbank by clicking on the padlock icon on the address bar at the top or bottom of the screen depending on your browser version. When you click on the padlock icon, you will see the VeriSign certificate, which confirms that this webpage belongs to Nordea Bank AB.
The bank never asks you for your access codes, card data or PIN code by e-mail or telephone.
If you suspect fraud or being directed to a fraudulent site, please contact Nordea Customer Support at +372 710 1134 (24/7).
|Can I choose when to fill in the questionnaire?
Yes you can. You can skip the questionnaire by clicking “Fill in later“, and in this case, the questionnaire will reopen the next time you log in to the Netbank.There is a specific number of times you can do this, and you will be notified if the next time you log into the Netbank, you must fill in the questionnaire, otherwise it will not be possible to use the Netbank.
|Do I need to fill in the questionnaire again when my data changes?
||Yes. If your data has changed, we request that you update it in the Netbank at a time suitable to you.
|Where do I get assistance, if need be? Where can I give feedback on the online questionnaire?
||If you have any problems filling in the questionnaire or you want to give feedback about it, then please contact Nordea Customer Support at +372 710 1134 (24/7).
|Can Nordea Customer Support or office worker fill in the questionnaire for me?
||The questionnaire only opens in Netbank in connection with services provided to you and therefore, you must submit the data personally.
|Doesn`t Nordea already have this data about me?
||We cannot and do not wish to collect data about customers without their approval – therefore, even in case of a long-term customer relationship, the questionnaires include questions the bank should seemingly already have answers to.
|Where can I review the customer data Nordea has saved about me?
||You can submit an inquiry regarding your personal data in our bank offices.
|Is the information disclosed to third parties?
||The Bank protects all the information provided by the customer. Any information about a customer is strictly confidential and Bank`s duty is to guarantee the confidentiality of all information provided by customer. The Bank shall disclose any information only in accordance with General Terms and Conditions of the bank and under relevant laws.
|What happens if I do not provide the information to the bank?
||If a customer does not provide the requested information and documents required or also in cases when false information is provided, the bank may limit provision of banking services or may terminate the business relationship with the customer and request for early execution of obligations.
|Is it possible to keep an account active without updating KYC data?
||If a client does not provide the information and documents required, the bank shall limit provision of banking services or may terminate the business relationship with the customer and request for early execution of obligations. So everyone is invited to timely submit all the necessary information when it is requested.
Questions and answers - FATCA
|What is FATCA?
FATCA (Foreign Account Tax Compliance Act) is tax legislation valid in the United States of America.FATCA requirements have been transposed or are being transposed to many countries`, including Nordic and Baltic countries` legislation.
The legislation is aimed at preventing tax evasion in the US. Pursuant to FATCA, financial institutions are required to identify which customers are liable to pay taxes in the US.
|What does FATCA require?
Pursuant to FATCA, financial institutions are obliged to ascertain which of their private or corporate customers are US persons and submit reports on accounts and assets directly or indirectly linked to these customers on an annual basis. Usually, the financial institutions report to the corresponding country`s Tax Board.Nordea must also withhold tax on fixed or designated annual or periodical payments from a US source to the corresponding financial institution, if FATCA requirements have not been followed.
FATCA requirements have been transposed or are being transposed to all of the countries` legislation Nordea operates in. The exception is Russia, where Nordea has signed an agreement to forward data directly to the IRS.
Therefore, Nordea must fulfil FATCA requirements in all countries and ascertain all current and new customers` FATCA status. If necessary, Nordea will contact customers directly in order to pose additional questions.
|Does corresponding to FATCA replace fulfilling other US tax requirements?
It does not. FATCA and related local legislation only regulates submission of analysis and reports on customer`s business operations required from financial institutions. This does not affect your obligation to fulfil tax legislation.If you have questions regarding fulfilling tax requirements, then Nordea recommends consulting with a tax expert.
|What must Nordea do to correspond to FATCA requirements?
- Ascertain which current or new customers are liable to pay tax in the US according to FATCA;
- Forward data about all accounts that belong directly or indirectly to US persons (in Russia and Switzerland, Nordea reports directly to the IRS) to the local Tax Board;
- Submit data about the accounts and assets of customers who have not answered questions about their USA status;
- Withhold tax on fixed or designated annual or periodical payments from a US source to the corresponding financial institution if FATCA requirements have not been followed.
|Is Nordea the only bank that must follow these requirements?
||It is not. All financial institutions must fulfil FATCA requirements. However, their approach may differ from Nordea`s.
|Another bank contacted me. Why do they ask for different documents than Nordea?
Financial institutions may choose the way they collect data from customers and check FATCA status. That is why the ways data is collected may differ.Nordea cannot advise you on FATCA classification and US tax status issues. If you require additional assistance, then you should consult a tax expert.
|Which data does Nordea submit to the local tax board?
||Data submitted for 2014 include the name, address and US taxpayer number and account numbers and balances.
|How does it affect individuals?
Does it only affect me if I am a US citizen?
No. The legal act lists a number of criteria that financial institutions must take into account in ascertaining which of their customers are US persons. Customers corresponding to the following criteria may be contacted for additional information:
- USA citizen or resident;
- Born in the US;
- Green Card holder;
- People who spend a certain number of days in the US each year;
- USA address in the beneficiary register;
- USA telephone number in the beneficiary register;
- Repeat payments to an account opened in the US;
- Full power of attorney or signatory rights granted to a person with a US address;
- If the customer`s sole address known to Nordea is an in care of address or hold mail.
Please take into account that financial institutions are required to revise their customer data in order to identity US persons. Due to this, customers who are not actually US persons may be contacted.Please consider that if you have a shared account with a US person, then this account must fulfil FATCA requirements.
I am a US person. How does it affect me?
If you are a US person, then Nordea may contact you to ask for additional documents. You may want to find out whether you must submit any other data to US institutions.
Please take into account that Nordea cannot advise you in this. Please contact a professional tax expert.
Nordea must submit annual reports about you and your accounts to the local Tax Board. In Russia and Switzerland, Nordea reports directly to the IRS.
I am not a US citizen. How does it affect me?
Most customers who are not US citizens are not affected in any way and the law does not call for submitting data about them.
Nonetheless, Nordea may contact you to fulfil FACTA requirements and check whether you are a US person if it has reason to believe that you may be one.
|I am a US person and major shareholder in the company. How does it affect me?
As you are a major shareholder, then you are probably one of the company`s beneficiaries or a controlling partner.Nordea may be required to submit data about you, but it depends on your company`s business operations. If your company is not active in business (i.e. it is a so-called passive company), then Nordea must submit data about you if you are this company`s beneficiary or controlling partner. A company is regarded as passive if more than 50% of the company`s income is interests or dividends.
|How does it affect companies and legal persons?
Does it only affect US companies?Nordea contacts many customers across the globe to ascertain their FATCA-status and to classify each customer as required. Depending on the information that is required, Nordea forms or US tax forms may be used.
No. FATCA has a wider scope, which encompasses companies registered outside the US.
|Which documents do I need to submit?
||Nordea contacts customers the law pertains to and provides a full overview of the data required to follow FACTA requirements and which forms must be filled in. These forms may include self-certification forms, US tax forms or certificates of withheld taxes (so-called W-forms).
|Does Nordea provide all necessary forms?
||When Nordea contacts a customer, then it sends the necessary forms or a link to the webpage where these can be downloaded.
|What will Nordea do if I do not submit the data required by FATCA?
Pursuant to FATCA, financial institutions are obliged to consider customers who have not submitted the required data as liable to pay tax in the US. This means that Nordea will submit the same data about these customers to the local Tax Board as for customers who have submitted the bank documents that confirm their US person status.In case of exceptions, financial institutions may be required to withhold tax on payments that are received from certain US sources, which have come into the accounts of customers who have not submitted the required documents.