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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
1. Customer identification
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 obtained during the process of identification is strictly confidential and available only to a 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.