Frequently Asked Questions

General

What does KYC mean? KYC stands for "Know Your Customer" and is part of the Money Laundering Act. KYC is used by companies subject to the Money Laundering Act. Companies must get to know their customers to avoid everything from money laundering to companies not doing business with criminals. It is a requirement for Ayvens that we as a company can document that we know our customers. This includes, among other things, control of identity and financial activities, but also to be able to identify the risk posed by individual customers.What is the Money Laundering Act? The Money Laundering Act is about reducing financial crime and money laundering. The Money Laundering Act, also known as the Preventive Measures Against Money Laundering and Terrorist Financing Act, is legislation designed to combat money laundering and terrorist financing.

Customer identification and verification

As a sole proprietorship, what should I provide as means of identification? In connection with our KYC process (customer identification and verification of you as a customer), you as a sole trader or the beneficial owner of the company must inform us of the following: - Full name - Address - Date of birth What documentation do we need? Depending on the type of company, we need the following: - Articles of association - Group diagram (Note: Must be dated and signed) - ID of the following: MitID validation, alternatively passport/driver's license and social healthy card if it is a managing director. If it is a legally appointed representative we need full name, date of birth and country of residence.

Ownership

What's a beneficial owner? A beneficial owner is the person or persons who own or control the business.How do I identify who the owner(s) is/are? A beneficial owner is a natural person who directly or indirectly owns or controls more than 25% of the company. If the company is owned by another company, the same rule applies. Beneficial owners will always be one or more physical human beings. This rule must be followed up through the ownership structure of the natural person(s) who owns more than 25% of the top company in the organization. (If you have a complex group diagram, however, it is down to an ownership stake of 10%)What if there is no natural person who owns more than 25% of the company? If there is no natural person who owns or controls more than 25% of the company, the managing director or board of directors of the company that owns the company is considered the beneficial owner.What if there is no natural person who owns more than 25% and at the same time there is no managing director or board of directors? For some companies, for example state-owned entities, municipalities and associations, there may not be a managing director or board of directors. In these cases, the beneficial owner is the person who controls the business, for example a mayor.

Ownership information

What owner information do we need from you? Once the person or persons who own or control the business have been identified, the following information must be obtained: - Name - Country of residence - Date of birth How do you process and store my information? All information provided to Ayvens is of course processed in accordance with applicable GDPR legislation, which you can read more about on our website [here](targetSelf:/en-dk/privacy-policy-ayvens-danmark/).Do all customers have to answer your questions about money laundering and PEP? It depends on several different factors. If this becomes relevant, you will be notified through Penneo.What does PEP mean? Politically Exposed Persons (PEPs) are persons who contest a special public office of trust and, as a result, may be susceptible to bribery and other corruption.

VAT number and group diagram

Do we have to submit information if our VAT number changes? If you change your VAT number, we must be notified, as we must initiate a new KYC process.What is a group diagram? A group diagram is used to give an overview of a group. A group diagram is therefore a drawing that illustrates the connection and ownership of one or more companies. The group diagram shows the various companies, owners and the distribution of ownership. Please be noted that the group diagram must signed and dated.

Articles of association

What are articles of association? A company's articles of association are the rules that determine how the capital company must be run, and contain information about, among other things, the company's name, purpose and financial year. The articles of association for a company must contain a number of statutory provisions and information which are described in the Companies Act. Associations, such as co-operative housing associations, owner associations and residents' associations, also have articles of association, but unlike articles of association for a company, there are no legal requirements for what articles of association for an association must contain.

Penneo

What is Penneo? I’ve received a link? Penneo A/S is a company whose products handle workflows in connection with digital contracts, digital signatures, and compliance with the Money Laundering Act. We use them so that we can securely collect documents from our customers. Penneo A/S is a Danish software company with headquarters in Copenhagen, which is listed on the NASDAQ Copenhagen Main Market.