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 terrorist financing. 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 business customers. 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.

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.