Know your customer
Why is it important
According to the law of Republic of Estonia on Money Laundering and Terrorism Financing, BBCTallinn is required to identify all of its customers while providing its services
How is it done
The due diligence process consists of two stages – customer identification and investigation:
1. Customer identification
Customer identification is done at a personal meeting with an employee of the BBCTallinn OÜ or via videoconference on Skype. In case customer is a legal entity copies of incorporation documents and incorporation certificate (or current reference) issued by the respective government register of the customer’s country of residence must be provided.
2. Customer investigation
Customer needs to fill out the form provided by BBCTallinn and submit information on the actual beneficiary, the sources of income, customer’s business operations and the goals and essence of the anticipated transactions.
Despite the fact that many customers see only the negative aspects of this process, BBCTallinn believes that the identification is an additional tool to get to know your customer better and to provide more target-oriented and high-quality service.
Information gathered during this process of identification is fully confidential and is available only to the limited number of our employees.
- Know your customer – this term refers to a practice generally applied when establishing relations between a customer and companies providing consulting services and managing third party financial flows and means that the contractor must identify its customer before commencing active cooperation. Such practice is deemed to assist the prevention of money laundering and terrorism financing.