Provide your due diligence (KYC) information - why is it important?
You can provide your due diligence information easily through Elo’s Online Service
Log in to the Online Service
What information do we need from you?
Primarily, we require that our customers provide the due diligence information listed below.
From a company:
- The company’s primary business address,
- The company’s beneficial owners and
- Whether or not the beneficial owners are politically exposed persons or related parties of such persons (PEP).
From an entrepreneur or household employer:
- Whether the individual is a politically exposed person or related parties of such a person (PEP).
Actual beneficial owners
Organisations must always specify their beneficial owner(s) (excluding listed companies, municipalities, joint municipal authorities and unincorporated municipal enterprises). A beneficial owner refers to a natural person who can, by virtue of a specific share of ownership or controlling interest, affect the decisions of the organisation in question.
Controlling interest, for example, in a company is established if a person owns or holds more than 25 % of the company’s shares or votes, or if the person has the right to appoint or dismiss the majority of the members of the company’s board or similar body. A beneficial owner can exercise control either directly or indirectly through one or more companies or organisations.If it is not possible to identify a beneficial owner based on the criteria specified above, the board or managing director of the company or other person in a similar position are considered to be the beneficial owners. This is referred to as control based on position.
A beneficial owner is a natural person who
- directly or indirectly owns more than 25% of the scompany shares or otherwise has an equivalent ownership interest in the company
- directly or indirectly holds more than 25% of the voting rights in the company, and this share of voting rights is based on ownership, membership, articles of association, a partnership agreement or equivalent instrument, or
- in any other way exercises effective control over the company (e.g. through a shareholders’ agreement).
If no individual natural person owns directly or indirectly more than 25% of the company, name the managing director and/or members of the board as the company’s beneficial owners.
Listed companies do not report their beneficial owners.
However, any subsidiary fully owned (100%) by a listed company must specify their beneficial owners. The managing director and/or board of the subsidiary are considered as beneficial owners.
The beneficial owners of a foundation include the members of the board and supervisory board as stated in the Finnish Register of Foundations. If a foundation has no supervisory board, only the members of the board will be considered the beneficial owners of the foundation.
The beneficial owners of an ideological association include the members of the board as stated in the Finnish Register of Associations.
The beneficial owners of religious communities include the members of the board as stated in the Finnish Register of Religious Communities.