Based on The Act on Preventing Money Laundering and Terrorist Financing (444/2017)

 

 

The Money Laundering Act imposes an obligation to report on those businesses who, in the normal course of their business, have the opportunity to detect money laundering and terrorist financing or who may be expected to be exploited for these purposes. Customer due diligence is a key obligation of the Money Laundering Act.

Customer due diligence refers to the procedures by which an oblicated operator verifies the correct identity of the customer and that the oblicated operator knows the customer's activities and backgrounds to the extent required by the customer relationship. The customer due diligence is valid throughout the customer relationship.


If the oblicated operator is unable to take the measures necessary to know the customer, the oblicater operator may not start or continue the customer relationship or transaction. The oblicated operator must notify the National Bureau of Investigation if the proposed customer relationship or transaction has been unusual.

  

 

In the case of a natural person identification the following documents issued by a Finnish authority are valid

  • driving license
  • identity card issued by a police authority
  • passport
  • an alien 's passport or a refugee' s travel document
  • pictorial KELA card


If there is no document issued by a Finnish authority, the verification is performed by

  • national passport
  • other identity document accepted as a travel document


The law obliges operators Tilityy to identify and know clients. Most commonly Tilityy does extra work in customer due diligence and responsible person reporting at the beginning of the cooperation and once a year. However, the Tilityy has an obligation to react to all "person in charge changes" and to make the required notifications. Tilityy invoices the customer for these tasks based on the used working time.

 

As a part of customer due diligence procedure for customer organizations, Accounting And Financial Management Service Tilityy review and check at least the information areas below, which must always be up-to-date in trade, association and other official registers by the customer.

 

  • basic information about the customer organization
  • persons in charge notifications of the customer organization
  • the actual beneficiaries of the customer organization
  • whether the customer organization or its responsible persons are on a national or international sanctions list

 


How does Tilityy request the necessary information?

Most commonly Tilityy sends an email to the customer requesting information about the customer information required in the due diligence procedure. The information request includes all or some of the above-mentioned information areas, depending on the customer. Tilityy has online forms for submitting requested information to those who have logged in to their MyTilityy account.

 

The information may be provided in addition to the form

  • by email (security of personal and company data must be confirmed)
  • in a meeting
  • in an digital meeting environment (Tilityy uses Google Meet, but other similar systems are also suitable)
  • on the telephone

 

If the customer provides the requested customer information required for the due diligence procedure using the online form or otherwise without an appointment or a visual connection, Tilityy may still oblige the customer to meet live of using an digital meeting environment to present the necessary identity documents.

 


Does the due diligence procedure concern us?

The obligation to identify and know customers applies to all customers of accounting and financial services, regardless of their type.

 


Can I influence the regularity or cost of the the due diligence procedure?

The obligation to identify and know a customer is based on the Act on the Prevention of Money Laundering and Terrorist Financing, and the customer cannot influence how often or in what extent Tilityy conducts a due diligence procedure. The costs of the procedure is based directly on the used working time. Tilityy carries out the due diligence procedure only to the extent and on the schedule required by law.

 

For more information concerning the due diligence procedure, contact Tilityy's Sales and Customer Service.