Due diligence
A key part of our business is knowing our customers, their objectives and their circumstances. This enables us to meet our customers’ needs more effectively and to combat potential identity theft or other misuse of the Bank’s services.
Arion Bank is also obliged under Act No. 140/2018 to acquire certain information on its customers and is not permitted to carry out transactions or enter business relationships unless this information has been acquired. This information is important for combatting money laundering and terrorist financing and is therefore a key part of the Bank's social responsibility.
Electronic due diligence
Electronic due diligence can be completed by a board member or an authorized representative of a legal person and is only available to private limited companies and public limited companies registered in the register of companies at the Directorate of Internal Revenue and which have registered their beneficial owners. The due diligence asks for the following information:
- Beneficial owners
- Board members and authorized representatives
- Addresses of board members and authorized representatives
- Information on contact persons
- Tax residence of the relevant legal persons and owners
If the company cannot complete the due diligence electronically, it must fill out the appropriate KYC questionnaire below and send it via email to fts@arionbanki.is.
KYC questionnaire - New customer - legal entity
KYC questionnaire - Renewal - legal entity
KYC questionnaire - New customer - limited partnerships or partnerships (slf. or sf.)
KYC questionnaire - Renewal - limited partnerships or partnerships (slf. or sf.)
KYC questionnaire - New customer - non-governmental organization (NGO)
KYC questionnaire - Renewal - non-governmental organization (NGO)
Start due diligence for company
Are you representing the legal persons and still have to confirm your identity?
In order to complete the due diligence, board members and the company’s authorized representatives need to have confirmed their identities to the Bank by showing electronic or standard identification documents.
General information on due diligence
If the company cannot complete due diligence electronically, the company's representative is asked to contact the Call Centre or a branch. Information which the Bank may request in addition to the above may include:
- The company’s articles of association and signature rules
- Minutes of the meeting concerning the election of the board of directors
- Identification documents of board members and authorized representatives
Please note that all material must be in Icelandic, English or a Nordic language (excluding Finnish).
Frequently asked questions
Why is the information displayed on the board and/or owners incorrect?
Arion Bank’s information is based on records at the Directorate of Internal Revenue. You must therefore ensure that the information on your company registered at rsk.is is correct.
A person linked to the company still has to confirm their identity. What should I do?
A person can confirm their identify with electronic ID on this page. If a person does not have electronic ID, they need to bring valid ID documents such as a driving license or passport (not a credit card) to their nearest branch to be scanned.
What is a Tin number?
Tin number refers to the tax identification number.