1. Why does Holvi ask me about my business and payments?
As a payment institution regulated by the Finnish Financial Supervisory Authority (FIN-FSA) and the German Federal Financial Supervisory Authority BaFin (only applicable to customers with DE accounts), 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.
2. Do you have the right to ask me these questions?
As a payment institution, we are entitled by the authorities to collect certain information about our customers. We are legally obligated to collect—and, where necessary, verify—certain information about our customers. By providing your details, you help us combat crime and fraud, prevent money laundering and terrorist financing, and provide the services and support you need.
3. Do you ask all customers these questions?
Yes, we ask these questions of all our customers.
4. Do I have to answer these questions?
Yes, all customers are required to answer these questions. If you do not provide answers, we may be unable to offer you the full range of our services or provide the support you need.
5. Can you close my Holvi account if I do not answer these questions?
We are required to collect the requested information. If we do not receive an immediate response, we will continue trying to reach you. If we are unable to contact you, your account or your access to it may be restricted. In such a case, we will also be unable to provide the support you require
6. Do you share my information with others?
Any information or documents submitted to us are treated as confidential, in accordance with banking secrecy regulations and applicable legal obligations. Holvi will never share your data with third parties without your consent, unless legally required to do so.
7. What happens if my answers differ from the information in my user or business profile?
Depending on your answers, we may need to request further information. If there are discrepancies between your answers and your registered information, we may contact you to verify that the information provided is correct—both to ensure accuracy and to protect you against identity theft, attempted fraud, and other forms of financial crime.
8. 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.