OREANDA-NEWS. Starting from 4 August 2008 Hansabank will have the right to make a decision regarding whether to open a first settlement account for non-resident clients within five banking days, reported the press-centre of Hansapank.

Applications for the opening of settlement accounts can still be submitted in bank branches, but the account opening process will now take longer than previously and agreements for the opening of an account will no longer be able to be entered into immediately.

These changes are connected to the implementation of vigilance measures arising from the requirements of the new act on money laundering and the prevention of funding for terrorism which entered force on 28 January 2008.

They will affect non-resident private clients and legal entities whose place of residence is the European Union (with the exception of Cyprus, Luxembourg, Malta and the United Kingdom) and Norway.

The bank will respond to clients regarding their applications personally within five banking days and inform them as to when to come to the bank to enter into a settlement account agreement. As well as applying for a settlement account, those wishing to become clients will also have the chance to inform the bank of their desire to enter into bank card and Internet bank agreements.

You can find out more about the Money Laundering and Terrorist Financing Prevention Act on the State Gazette website at www.riigiteataja.ee/ert/act.jsp?id=12985329