The new Estonian regulation will allow banks to open current (checking) accounts for Estonian residents and e-residents without the need for the customer to visit a branch.
“We will make opening a bank account easier and faster for everyone, including e-residents,” the Estonian finance minister, Sven Sester, said. “We want to make things more convenient, but also maintain the security necessary in the financial sector. The IT solutions that make it possible to identify people from a distance have existed for some time. Allowing for them to be used when bank accounts are opened certainly makes sense.”
When the new regulation enters into force from 1 November, it will be possible for banks and other financial institutions to identify people without being at the same location as the person or their representative.
A real-time video bridge for identification and verification of a person will be used, which makes it possible to compare the image of a person’s face with the data of their identification document and the data of the Estonian Police and Border Guard Board. The person will also be interviewed via video, which will help ascertain the client’s risk profile: assess their background, the origin of their financial resources and the purpose of establishing a business relationship. The entire process is recorded and the recording is preserved.
However, banks will retain the right to identify a person by being at the same location as them. It will be up to the service provider to decide whether they want to open accounts for clients or conclude transactions with them using information technology tools. The service is meant for everyone who holds an Estonian ID card, digital ID or e-resident’s card.
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Cover: Estonian e-residency ID card.
Is there any bank actually doing this? LHV refused.
That’s what I’m wondering as well. It’s been almost six months already…
I spoke with LHV, SEB & Swedbank. Nonbody will allow an account to be opened by an e-resident remotely.
Agreed with you. LHV asked crazily many questions. And even you provided many detailed and thoughtful answers. They just did not care about the needs of a bank account for a e residency startup, when you could not prove any connection between your worldwide business to Estonian market…
I really want to question the E residency or business startup program there : when you just want the business benefit only the Estonian market, mostly startup won’t agree…
If the Estonian government wants this program to go anywhere they need to lean on their banks to get with the program. They’re all so scared of FATCA. The world needs an alternative reserve currency so the U.S. can’t make all the rules!
All bullshits. No one bank in Estonia is allowing to open accounts remotely, and even if you are a resident in Estonia, you have to go in a bank branch in person.