New at the bank

As a new customer at the bank, you need to answer a range of questions and show a form of ID. Banks are obligated to know who you are this is called the know your customer principal. This process takes place so that banks can offer you relevant advice and bank products that fit your situation.

Therefore, your bank will typically enquire about:

  • information relating to your financial situation
  • your experiences with the financial product that you are interested in
  • your willingness to take risks if you want to invest or take out a loan
  • the aim of the bank product in question.

In accordance with the rules on money laundering and financing terrorism, banks are also obligated to identify future expectations for large movements in your accounts, including foreign payments.

You can read more about information, advice and the legislation behind the “know your customer” principal in Danish here:

Order on good practice for financial companies 

Guidelines about good practice for financial companies can be found on the Danish FSA's homepage. 

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Finance Denmark is a business association for banks, mortgage institutions, asset management, securities trading and investment funds in Denmark. Our members are mortgage institutions, banks, savings banks, cooperative savings banks, Danish branches of foreign banks, asset managers, Danish securities dealers and investment funds. 

Read more about Finance Denmark and our work