Legal & Compliance

Anti money laundering info

Published: 27.11.2023

Updated: 05.04.2024

At Nets, we are focused on fighting financial crime, money laundering and to protect our customers from being exploited by criminals. As a payment company, Nets has an obligation to comply with national legislation and EU-legislation and to follow what is known as Know Your Customer (KYC)-regulation. This means that we need to identify and document who our customers are and what our services will be used for and where.

Why are we asking questions about existing customers?

You may wonder why you are asked to answer questions or provide additional documentation about your company if you have been a customer for many years, or if you have provided similar information before. We fully understand this, however, ongoing assessment and verification of our customers is required by law and necessary for us to protect you as a customer and it will enable us to notice unexpected or unusual transactions and prevent financial crime, money laundering and terror financing.

What does this mean for my company?

In practice, it means that you need to answer a few questions about your company and how and where you use the services from Nets. In addition, you may be asked to provide us with copy of ID and information about your company’s beneficial owners.

Frequently asked questions

What is a beneficial owner?

A beneficial owner is the natural person(s) who ultimately owns or controls a company.

How do I identify who the beneficial owner(s) is?

A beneficial owner is a natural person who owns or controls more than 25 % of the company directly or indirectly. If the company is owned by another company, you need to follow the 25% logic rule in the ownership structure to the top company in the organization.

What if there is no natural person owning more than 25 % of the company?

If there is no natural person owning or controlling more than 25 % of the company, the CEO or board of directors of the ultimate owning company is considered as the beneficial owner.

What if there is no natural person owning more than 25 % of the company and we don’t have a CEO or board of directors?

For some companies, for example state-owned entities, municipalities and associations, a CEO or board of directors may not exist. In these cases, the beneficial owner is the person controlling the company, for example a director, mayor or secretary of state.

Which beneficial owner information is needed?

When the beneficial owner(s) for your company has been identified, we need to obtain the following information about the beneficial owner(s):

Name
Address
Country of residence
Date of birth
Social security number

If the beneficial owner(s) is residing outside the Nordics, we also need a copy of official picture ID either passport or driver's license.

Are you asking all customers questions?

Yes, Nets is obliged to obtain company-related and person-related information from all customers who have an acquiring business relationship with Nets.

Where do the requirements derive from?

Nets Denmark A/S’s license is issued by the Danish Financial Supervisory Authority and Nets must comply with the requirements in the Danish legislation and the requirements applicable to Nets Denmark A/S’s branches. Read more about the requirements. You can find information about Nets’ license on finanstilsynet.dk.

Do all acquirers ask for this information?

Yes, all financial institutions must comply with the AML-legislation.

How do you process and store my information?

All information supplied to Nets will of course be processed according to GDPR regulation, which you can find more information on our webpage.

Where can I find more information?

The Danish Financial Supervisory Authority also has a section of frequently asked questions about why financial institutions need to ask customers questions about their business, which you can find here. (In Danish only)

What will happen if I don’t update the information and/or provide you with the required documents?

It is important that you update the information and/or provide us with the required documents in order for us to protect you as a customer. In addition, it is a legal requirement and if we don’t receive the required information, we may need to restrict the service and a final option is to terminate the business relationship.

Do I need to inform Nets if there are changes within my company?

Yes, you must for example inform Nets if the control of the company, beneficial owners or line of business changes. A complete list of changes where you should inform Nets can be found in section 2.8 Changes in the Merchant’s circumstances in the Terms and conditions for acquiring — Nets.

Will I be asked to answer questions and/or update documents in the future?

Yes, we need to ensure that the information we have obtained is up to date for us to protect you as a customer and to comply with applicable legislation