Compliance FAQs

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1. Why does Holvi ask me about my business and payments?

As a payment institution regulated by the Finnish Financial Supervisory Authority (FIN-FSA), Holvi is required to comply with customer identification and due diligence standards. The requirements from the authorities are the same for all regulated entities.

We are obligated to keep up-to-date customer information and payment behaviour. By asking you questions, we want to make sure that the information we have about you is correct and updated.

As a payment institution, we are entitled  by the authorities to collect certain information about our customers. By providing your information you are also supporting our work against crime as well as the prevention of money laundering and terrorist financing. With your corporation, you also help us to provide you with all services or give you the support that you need.

If we do not get an answer on the requested information, we might in some rare cases have to limit your account rights and our provided services until we can understand your account usage better.

In the event of discrepancies in the provided information, we might contact you to confirm that the provided information is correct as well as to protect you against ID theft, attempted fraud/scams and other forms of economic crime.

2. Can someone else access my information?

Any information or documentation given to us is treated in confidence in compliance with the duty of confidentiality on banking secrecy. Holvi will never hand over your data to any third parties without your consent or without a legal obligation to do so.

Holvi is required to comply with customer identification and due diligence standards; this applies to all entities that are supervised by FIN-FSA. Other entities might meet requirements in different ways, but the requirements from the authorities are the same for all regulated entities.

We are also obligated to keep up-to-date customer information. With certain questions, we ask you to make sure that the information we have about you is correct and updated.

 

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