The Swedish Anti-Money Laundering Act requires that banks and other financial companies have good knowledge of their customers’ finances and the business relationship with the customer. As a bank, we also have an obligation to continuously ensure that the information we have is current. Therefore, we regularly ask questions about your business and your intentions when using the bank’s services.

Why is there an Anti-Money Laundering Act?

The purpose of the Anti-Money Laundering Act is to prevent banks and other financial actors from being exploited for laundering money, such as money from crimes, or to finance terrorism.

Answering the questions

Enter your answers in the new version of the Internet Bank for corporate banking when you receive a message that there is data to be updated. To be able to respond, you need to have either “Unlimited authorisation” for the Internet Bank or a special form of authorisation called “Enter/update KYC (Know Your Customer) information”.

If you have received a letter, enter your answers on the questionnaire that you received together with the letter and send it to us in the enclosed envelope.

Why are there more questions to answer in the internet bank compared to the paper form?

Going forward, more and more people will be asked to answer the questions in the Internet Bank, which we hope will be easier than using a paper form. It will also be possible for us to adapt the questions so that we can understand your business better. There may be more questions to answer for some respondents than for others, but at the same time, some information is saved so that you do not have to fill it in every time.

What happens if you do not respond?

If we do not receive the information we request, we will need to take action. This may entail, for instance, that your access to the internet bank and app is at risk of being locked, or that accounts and other banking services are temporarily blocked.

If we are unable to contact you to follow up on our business relationship, it may be necessary to terminate your account and the related services. It is a legal obligation for us as a bank and for you as a customer to keep this information up to date.

Who is a beneficial owner?

A beneficial owner is a natural person who ultimately, directly or indirectly, owns or controls a legal entity, such as a limited liability company or an association. A legal entity can have more than one beneficial owner.

Information about beneficial owner

If a person owns or otherwise controls a legal entity together with one or more related parties and their control together exceeds 25 percent, it must be stated. If the related parties control equal shares, all must be registered as the beneficial owner. Related parties are spouse /partner/cohabitant/registered partner, parents, children and the children's spouses /cohabitant/registered partner.
A person who indirectly owns or controls a legal entity must also be considered a beneficial owner. In these cases, we need information about all stages of the ownership chain.

If beneficial owner is missing

If there is no one who ultimately owns or controls the business, there is no beneficial owner. In these cases, we need information about the company's CEO, chairman of the board or a person with a similar position. You should list the person who has the most control over the business. If neither person has more control than the other, both persons must be indicated.

What is direct and indirect control?

Direct control means that the beneficial owner directly owns or controls the legal entity. Indirect control means that the beneficial owner exercises control over one or more legal entities who in turn exercise control of the business in question.

Who is a Politically Exposed Person (PEP)?

A politically exposed person (PEP) is a person who has or has had an important public function within a state or in an international organisation. Professions or positions that involve political exposure involve a higher risk of being exposed to, for instance, corruption or bribery.

Therefore, we need to know if the beneficial owner is a PEP or if the beneficial owner has a family member or a co-worker who is a PEP.