"Know your customer" principle at Industra bank

To comply with the KYC principle, the bank may require your active involvement. Industra Bank may ask you to:

• provide or update company or personal information (such as address, contact details, representative data),
• explain the source of your income or the purpose of transactions,
• submit documents confirming the provided information.

To ensure uninterrupted access to banking services, it is important to provide the requested information on time or notify the bank of any issues. Open and timely communication allows the bank to adapt to your specific situation and ensure mutually successful cooperation.
 

The bank may request additional information in situations such as:

• opening an account or applying for new services,
• changes in customer data, e.g., company name, legal address, surname, or contact information,
• conducting unusual, large, or complex transactions that differ from your usual financial behavior,
• periodically – to verify that the information is accurate and up to date,
• based on legal requirements, e.g., providing a self-declaration of tax residency.

This helps the bank ensure the security of your financial assets and prevent the misuse of financial services for criminal purposes.
 

Customer identification is an important security step for both the customer and the bank. During this process, the bank ensures that personal data is correct and that the account is used by the intended person.

Identification helps:

• prevent fraud and identity theft,
• protect your assets and transactions from misuse,
• ensure that banking services are used fairly and transparently.

Industra Bank performs customer identification:

• in person (at our Customer Service Centers),
• remotely using secure digital solutions – electronic signature, self portrait comparison, video identification.
   

According to the KYC principle, customers are obliged to cooperate with the bank by providing the requested information.

If information is not provided:

• the bank may restrict access to services,
• in some cases – terminate cooperation and close the account.

Industra Bank evaluates each case individually and strives to find a reasonable and fair solution, considering the specific circumstances.

Important: do not ignore the bank’s requests. If you have doubts about the legitimacy of the request, contact us – we will help you understand the need and find the most convenient way to submit the information. Open and timely communication helps avoid misunderstandings.
 

Before starting cooperation, the bank charges a one-time fee for the initial document review. Detailed information about the fee amount is available in the price list or in the "Become a Client" section.

Usually, during ongoing cooperation, additional fees are not applied. However, in some cases – such as in-depth investigations or obtaining information from foreign paid databases – an additional fee may apply. Clients are always informed in advance.

1. Fee for Obtaining Information from Registries

• Applies if information is needed from the Commercial Register or other paid registries in Latvia or abroad,
• Actual costs: from EUR 5 to EUR 500,
• The client is informed in advance about the fee.

2. Fee for in-depth investigation

• Applied to high-risk clients,
• Ranges from EUR 25 to EUR 1,000, depending on the scope of the investigation,
• The fee is determined individually, and the client is informed in advance,
• For regular in-depth invesigations, a separate agreement may be made to fix the fee amount.

3. Fee for Transaction Document Review or Compliance Checks

• Applies to complex, cross-border, or high sanction-risk transactions,
• EUR 100 per hour, up to a maximum of EUR 3,000,
• The client is always informed in advance.