Why is the bank asking questions?

To apply the Know Your Customer principle, Citadele needs to obtain information about its customers and the origin of their funds. In compliance with this principle, we ask to complete the customer questionnaire and, if necessary, in accordance with the risk-based approach, provide additional information and/or documents. 
Following the Know Your Customer principle, Citadele carries out customer due diligence, during which: 

• identifies the customer; 
• ascertains the beneficial owner;
• checks for the status of a politically exposed person; 
• obtains information on the purpose and nature of the business relationship;
• obtains information on the customer's personal or business activities; 
• obtains information on the origin of funds and sources of income;
• monitors transactions and obtains information and source documents of transactions; 
• stores and regularly updates documents, data and information obtained during due diligence. 

Information material of the Finance Latvia Association – Why are banks asking questions?