Data Update

Within the framework of legal obligations, in accordance with the principle "Know Your Customer", we regularly update the data of our clients. This is a standard process aimed at protecting clients, the bank, and the entire financial system.

Know Your Customer in brief

Know Your Customer (KYC) is a legally mandated process through which the bank maintains up-to-date information about its clients and assesses the risks associated with providing financial services.

Data update is mandatory for both the bank and the client.

Filling in the data is simple and quick.

It helps prevent fraud and misuse of financial services.

What data we update and why

Identification documents

These are data from identity documents, such as an ID card or passport. If your document is valid, there is no need to confirm it separately. The bank automatically considers it a confirmed piece of data. If the document has expired, you will be notified of this fact, and updating it will require a visit to a bank branch.

Contact information

This mainly includes your address, phone number, and email. Up-to-date contact details allow us to communicate with you securely, inform you of important matters, and ensure the smooth provision of banking services.

Client data

These are basic details that help the bank better understand the nature of the business relationship and assess potential risks.

These mainly include:

Source of financial funds

All financial resources have their origin. Knowing the source of income is the foundation of a transparent relationship between the client and the bank. This information allows us to assess risks associated with financial transactions.

Acting on own behalf

You confirm whether you use banking services:

for yourself
or on behalf of another person or third party.

The goal is to clearly identify who the actual user of the banking services is.

Purpose of using banking services

This is basic information about the reason for using banking products and services, for example:

employment,
business,
studies,
personal finances.

Every business relationship must have a clear and understandable purpose.

This data is important to protect against misuse of financial services and to ensure a transparent banking environment.

Country of Tax residence

This is the country where you declare and pay taxes on your worldwide income. It is usually the country of your permanent residence. This information is necessary to fulfill obligations arising from the international exchange of tax information between states.

How the update takes place

If data needs to be updated, after notification you will receive a short electronic questionnaire in the Tatra banka mobile application. Filling out the questionnaire is done online and takes only a few minutes. Most answers are in the form of selections. Tatra banka will inform you about the client data update request.

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You can find the questionnaire in your profile in the Tatra banka app. Your profile is found by clicking in the menu as the first top field or by navigating from communication.

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After clicking on your profile, you will see a prompt to update your data.

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The profile will display a questionnaire with a prompt to update data. Areas that need to be supplemented or checked are marked with an orange alert. Use the arrows to go through all the marked areas step by step. After updating, the mark disappears.

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If your identity document is valid, there is no need to confirm it separately. The bank automatically considers it confirmed. If the document has expired, you will be notified of this fact, and updating it will require a visit to a bank branch.

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Check your contact details.

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You can make changes to the data using the arrow. If the data is correct, confirm it. Changes to your permanent residence can only be made at a branch upon presenting an identity document with the new address.

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Fill in your client data.

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You can make changes to the data using the arrow or by selecting from options. If the data is correct, confirm it.

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Fill in the country where you declare and pay taxes on your worldwide income.

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You can make changes to the data using the arrow. If the data is correct, confirm it.

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After correctly filling in the data, you will receive confirmation of successful data update.

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You can then continue using banking products and services.

Notice

Data update is a legal obligation. If data is not updated, the bank may, in accordance with applicable legislation, restrict certain financial services. The updated information provided will be further processed by the bank, and its content may affect the scope or manner of providing financial services.

Frequently asked questions

Why do we ask you to update your data?

Data update is not a formality. It is a legal obligation of financial institutions serving as a preventive measure against financial crime, such as money laundering or terrorist financing. The goal is to ensure a safe, transparent, and trustworthy banking environment.

What is the legal basis for processing my data?

The processing of personal data within the data update is carried out based on the fulfillment of the bank's legal obligations. The bank is required to perform regular updates of client data in accordance with applicable legislation, especially regulations aimed at protecting against financial crime and ensuring the safe operation of the financial system.

These steps are standard in all financial institutions and arise mainly from the following legislative regulations:

Act No. 297/2008 Coll. on Protection Against Legalization of Proceeds from Criminal Activity and Protection Against Terrorist Financing
Regulation (EU) 2024/1624 of the European Parliament and of the Council on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing
Act No. 359/2015 Coll. on Automatic Exchange of Information on Financial Accounts for Tax purposes
Set of Council Directives (EU) DAC (Directive on Administrative Cooperation)
Act No. 483/2001 Coll. on banks

In accordance with Article 26(2)(b) of Regulation (EU) 2024/1624, banks are required to carry out due diligence on each client at least once every 5 years (this provision will apply from 10 July 2027). This obligation includes updating client data, so-called KYC data.

Why do we collect some data directly from you?

Some data can be updated automatically from official registers. However, there is information to which the bank does not have access without your cooperation. In such cases, we will ask you to confirm or supplement it via the Questionnaire.

How do we protect your personal data?

The bank processes personal data in accordance with applicable legislation and uses advanced technical and security measures to protect them. Data is provided to third parties exclusively in cases prescribed by law and only based on a valid legal basis.

Why is the update important for you as well?

higher security of your finances
faster processing of banking services
fewer complications with changes and requests
prevention of service restrictions