AS SEB Pank changes its General Terms and Conditions

On 01 January 2015, the Tax Information Exchange Act entered into force, aimed at improving the information exchange between the tax authorities of different countries, necessary for preventing tax evasion. According to this act, all credit institutions shall gather and forward to the tax authority in their country the data related to taxation of clients (incl. data on the accounts and tax residence, tax identification number, etc.).

We are obliged to forward the data on only such clients, whose country of residence for tax purposes is other than Estonia. A tax administrator has the right to exchange the gathered information with competent authorities of a foreign country.

Accordingly, it is of utmost importance to ensure that all our clients regularly check and update the contact data, information about their residence and location, tax residence, beneficial owners, and other data, forwarded to us.

In connection with the above, we are going to amend our General Terms and Conditions. We shall supplement the General Terms and Conditions with the purposes of processing information subject to banking secrecy and personal data and add, that in order to comply with the Tax Information Exchange Act we are obliged to gather, process and forward the client data to the tax authority. In addition, we add to the purposes for forwarding data within the banking group (see clause 4).

We also supplement the grounds of refusing a contract and the grounds of extraordinary cancellation of an agreement (see clauses 3 and 11). The bank has the right to cancel the agreement concluded with the client also, if the client refuses to submit to the bank information, which is necessary for the implementation of the Tax Information Exchange Act. Furthermore, the bank can for example refuse to conclude an agreement or cancel an agreement concluded with a client, if the client has been convicted of money laundering or if the client’s business is related to an industry of country with high money laundering risk.

The amendments to the General Terms and Conditions will enter into force on 01 June 2015 and shall be applicable to all agreements valid at that moment.

You can view the new General Terms and Conditions here.

If you agree to the changes, you will not have to do anything extra. However, if you find the changes unacceptable, you may terminate your agreement with the bank before 31 May 2015. If you do not inform us of your wish to terminate the agreement, we consider that you have agreed to the changes and starting from 01 June 2015, the new General Terms and Conditions will apply to the agreement(s) signed with you.

For further questions please call us on 665 5100, contact us via Skype (username seb.eesti) or send a message from the Internet Bank under menu “Contact” → “Write to customer service” or visit a bank office. The locations and opening hours of all SEB bank offices are available at http://www.seb.ee/eng/locations.