Update your information
At Danske Bank, we are very focused on fighting financial crime. As a customer, you will also notice this. Like all other banks in the EU, we are under an obligation to follow what is known as Know Your Customer (KYC) regulation, which requires us to be able to document who our customers are and understand how they use our products and services. We therefore ask you kindly to update the information we have about you.
Question and answer
Why do you need to answer questions and/or provide proof of identity?
The Danish Anti-Money Laundering Act requires us as a bank to have a solid knowledge of all our customers. This is to help prevent fraudulent use of the financial system.
Also, by knowing our customers we are able to take action if a customer behaves in an unusual way or if we see that unusual transactions are being made via the customer's account. We are under an obligation to notify the authorities if we suspect that a transaction may be illegal.
When we know every single one of our customers and understand how they use our products and services, we are able to protect the individual customers against fraud and can spot criminals who exhibit behaviour that stands out from the norm.
What do we need the information for?
We are required by law to know our customers and to understand how they use our products and services. Consequently, and as prescribed in sections 11 and 30 of the Danish Anti-Money Laundering Act, we need to update the information we have about our customers on a regular basis.
Naturally, we also use all the information we have about you to provide even better financial services, including the advice we give you.
We always treat all information about our customers in the strictest confidentiality. Please remember that we will never ask you for personal passwords, PINs, copies of your NemID or other information that could give access to your Danske eBanking service, Mobile Banking, cards, accounts and e-Boks, for example.
Are we contacting all customers?
We require proof of identity for all customers, so we will be asking all of our customers questions – regardless of how long they have banked with us.
Customers will be contacted at different times, and the questions asked may also differ.
We may also contact you more than once if we need clarification of answers or more information.
If we do not ask you to send us a copy of your proof of identity, it is because we already have it.
Are we permitted to ask these questions?
Yes. We have both the right and a legal obligation to ask the questions that we consider necessary for us to know our customers and understand how they use our products and services.
Our obligation to know our customers is described, for example, in
• the Danish Executive Order on Good Business Practice for Financial Undertakings
• the Danish Anti-Money Laundering Act
• FATCA and CRS, which are the international laws on identification of the tax liability of bank customers to which Denmark and the EU adhere
The Danish FSA is the authority that supervises whether we and all other banks in Denmark are in compliance with the rules.
It is up to the individual bank to assess which questions/information is necessary for it to comply with the various legislative requirements.