Customer due diligence

Varma has a legal obligation to know its customers and to ask all its customers for customer-related information. The purpose of customer due diligence is, among other things, to prevent money laundering and the financing of terrorism. When your information is up to date, we are able to serve you better.

What information do we ask and when?

We ask our customers to provide us with the customer due diligence information as defined in the Anti-Money Laundering Act (444/2017) at the beginning and during their customer relationship with us.

We ask for information on, among other things, the nature and scope of the business activity and the actual beneficiaries of our corporate and organisational customers.

When you receive a request to provide or review information, you can easily do so electronically on the Client information page in Varma Online Service. You will receive the request as an email or text message notification, depending on your choice.

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Who is an actual beneficiary?

An actual beneficiary is a natural person who meets at least one of the following criteria:

  • directly or indirectly owns more than 25% of the company's shares or otherwise has an equivalent holding in the company,
  • exercises, directly or indirectly, more than 25% of the voting rights of the company, when that percentage is based on ownership, membership, articles of association, partnership agreement or similar rules; or
  • otherwise exercises effective control over the company.

If the company has no actual beneficiaries as defined in the options above, the company's board of directors or general partners, managing director or other person in a similar position is considered the actual beneficiary.

The actual beneficiaries of a non-profit organisation referred to in the Associations Act are considered to be the members of the board entered in the association register.

The actual beneficiaries of a religious community referred to in the Freedom of Religion Act are considered to be the members of the board entered in the register of religious communities.

The actual beneficiaries of a foundation referred to in the Foundations Act are considered to be the members of the board and the supervisory board entered in the Register of Foundations.

The actual beneficiaries of a housing company and a mutual real estate limited company referred to in the Housing Companies Act are considered to be the members of the board entered in the Trade Register.