Just like other banks, we too have a duty to comply with regulatory requirements and follow the Know Your Customer (KYC) principle in our operations. For this reason, we ask our clients:
To indicate their contact information, nationality, place of residence, field of activity and other similar data.
Update this information time from time.
If necessary, to provide further details about certain transactions (e.g. about the origin of funds transferred to customer’s account).
We request this information from both local natural persons and legal entities, and from our foreign clients, who are asked to provide reliable evidence substantiating their professional, economic, social or personal connection with our country.
Relationship between VIALET and its customers is based on mutual trust. We care about our customers’ trust; we, therefore, periodically publicly announce our financial results and other performance reports. Accordingly, we ask our customers to provide certain information about them as well.
Provision of information is important for several reasons. First, VIALET must comply with very strict legal requirements which oblige us to implement the ”Know Your Customer (KYC)” principle. Implementation of this principle is related to application of international measures aimed at prevention of money laundering and terrorism financing. We must ensure that our infrastructure is not abused by malicious entities or by persons who pose threat to others.
Another important reason is that VIALET cares about their customers’ security and the security of their accounts. With up-to-date details available, we can ensure safety of accounts more easily, prevent illegal actions by fraudsters, stop suspicious transactions and thereby protect our customers from financial losses.
All of the data you provide us is protected by strict security and confidentiality rules.
We disclose customer data to third persons only if we have received the customer’s written consent or if the disclosure of data is required of us pursuant to law (e.g. a notary, the police, the State Revenue Service and Customs Board).
Information is not collected with the purpose to immediately forward it to other institutions. Information you provide is stored responsibly. In certain cases, when this is necessary, authorized institutions (law enforcement, security provision, etc.) are entitled to address banks and request the provision of information about a customer. In such case in accordance with laws, we will be obliged to provide such information.
We ask you to provide us with revenue data so that we can better understand the origin of the funds in our clients’ accounts, as well as whether the transactions you perform match your income. This helps us get to know our customers better and makes it easier to ensure the security of our customers' funds.
Laws and market surveillance institutions require us to know to whom we are providing our services. The Questionnaire is therefore the first step in getting to know our customers better and getting the information required by law.
Taxpayer Identification Number (TIN)
A Taxpayer Identification Number (TIN) is a personal identification number used for the exchange of tax information between different countries in accordance with the Common Reporting Standard (CRS) or the FATCA (Foreign Account Tax Compliant Act). In the case of a Lithuanian resident, the Taxpayer's code coincides with the customer's personal code. The customer must indicate all Tax Payment States and all Taxpayer Codes corresponding to the established structure. The structure of Taxpayer Codes for different countries is provided here.
What languages can be used to fill in the declaration/questionnaire?
Lithuanian or English
Why can’t VIALET get all the necessary information from other State agencies such as VMI (State Taxation Inspectorate), the Registers Centre (VĮ Registrų centras), and others?
The law obliges us to receive the information specified in the Questionnaire directly from our customers. The information available to these authorities can be used as an additional source of data to verify the information you provide.
Who is a Politically Exposed Person (PEP)?
We ask our clients or their representatives to provide information about the fact that they or their family members (spouse, co-habiting partner, parents, siblings, children and children’s spouses, children’s co-habiting partners), close associates (persons with whom a person has common business, keeps professional or business relationship) presently occupy or in the recent 12 months have held an important public position in any state and/or international institution since the bank has to conduct enhanced monitoring of business relationship / monetary transactions of such clients.
Important public position shall be considered the following:
Head of the State, Head of the Government, a minister, a vice minister or a deputy minister, State Secretary, the Chancellor of the Parliament, Government or Ministry
Member of the Parliament;
Member on the Supreme Court, the Constitutional Court or any other judicial authority, whose decisions are not subject to further appeal;
Mayor of the municipality, director of the municipal administration;
Member of the management body of the national supreme audit and control institution, the chairperson, deputy chairperson or a member of the board of the central bank;
Ambassador, chargés d’affaire, Chief of Defence of the Republic of Lithuania, commanders of the armed forces and units, Chief of the Defence Staff or high-ranking officer in the armed forces of foreign country;
Member of the management or supervisory body of a state enterprise, public company, private company all or part of shares of which awarding more than ½ of all votes in the general meeting of shareholders of these companies are held by the State by right of ownership;
Member of the management or supervisory body of a municipal enterprise, public company, private company all or part of shares of which awarding more than ½ of all votes in the general meeting of shareholders of these companies are held by the State by right of ownership and which are considered to be large enterprises within the meaning of the Law of the Republic of Lithuania on Financial Reporting by Undertakings;
Head, deputy head, member of the administrative, management or supervisory body of international intergovernmental organization;
Leader, deputy leader, member of the administrative, management body of the political party.
Please not that if you are a family member or immediate helper of a politically exposed person, you must supply the required information about this politically exposed person.
In case customer refuses to provide requested data
If we are not provided with the necessary information, in certain cases, we will no longer be able to provide its services to such a customer. This may mean restrictions in using one’s account, card, online banking. Money in your account will not disappear, however, you will have access to banking services only after you provide the required information.