Policy on Anti-Money Laundering (“AML Policy”)
The Anti-Money Laundering Act
Sweden implemented a new Act on Anti-Money Laundering in 2009 on Measures against Money Laundering and Terrorist Financing (SFS 2009:62) (“AML”) which is based upon the Third EU Money Laundering Directive, which stipulates that all financial businesses within the EU are obligated to actively prevent money laundering and financing of terrorism.
In short, the Act entails that we must make an assessment of the risk of exploitation for money laundering (also called Know Your Customer requirement (“KYC”). The Act requires us to verify the identity of all new customers when opening a customer account and before using our services. At the Safello homepage, the customer may easily be identified by uploading a copy of his/her ID which needs to be certified by a utility bill. Customers may also be identified through electronic BankID.
The law also places high demands in order to have good knowledge of the customers and their affairs. Therefore, except for ID verification, we must understand the purpose of the business relationship and the customer’s various transactions. The customer is therefore asked to complete a KYC questionnaire form on the website in order to be verified.
The Act further requires that we keep all customer information up-to-date by continuously monitoring our business relationships. That is why we might need to ask our customers to provide us with additional information whenever needed.
Particular rules apply for customers that are politically exposed persons and living abroad. Safello must know whether such a customer holds a prominent political position or an important status, or if the customer is a close relative of such a person.
Customer information received by Safello is treated confidentially in accordance with applicable law.
As with money laundering, we are obliged to report any suspicious activity to the authorities.