To protect both you and us from being used for money laundering purposes, we are required under the Swedish Anti-Money Laundering Act to have documented knowledge of you as a customer.
What is money laundering, terrorist financing and the Anti-Money Laundering Act?
Money-laundering is when money from criminal activities, by various transactions, is transformed to assets that can be reported and used openly. The laundering hides the criminal origins of money. Terrorist financing is to financially support terrorism. This does not only mean making direct contributions to terrorism, but also collecting, providing or receiving money or other assets that are known to finance terrorism.
All financial companies in the EU are obliged to prevent money laundering. The Swedish Anti-Money Laundering Act is based on an EU directive. The Anti-Money Laundering Act means that Lysa must make an assessment of the risk of being used for money laundering. Lysa must also have good knowledge of its customers and their business and understand the purpose of the business relationship and the customers’ transactions.
We must ask you questions
To fulfill the requirements of the Anti-Money Laundering Act, we must ask you certain questions. All information that Lysa receives is processed in accordance with applicable data protection regulation and is covered by confidentiality. Here we describe different conditions or events due to which we must pay more attention.
Know your customer (KYC)
Part of our security work is that you as a customer always must be identified when you do business with us. The identification is done with help of the verification method that Lysa applies at each time. If you request a new service, you as an existing customer may be asked to re-identify yourself and answer additional questions.
You who represent a company or are self-employed must be able to present a valid ID document and prove that you have the right to represent the company. Lysa also needs to know who owns more than 25 percent of the company and whether anyone has a controlling influence in the company. You must also be prepared to answer questions about the company’s operations, its turnover and how the company will use Lysa’s services.
When you want to open an account, make a payment or another transaction you may need to answer questions and identify yourself. If Lysa does not understand where the money comes from, we are obliged to ask. You as a customer must also be prepared to present receipts, invoices or other documents that prove your explanation.
Politically exposed person (PEP)
In accordance with the Anti-Money Laundering Act, we as a company must know if you have a high political position or a high position within the state, are part of the management of an international organisation, or if you are a relative (family or close employee) of someone who has such a position. Due to this requirement, we ask questions about this in connection with you becoming a customer.
In certain cases Lyas may not perform the service
If you cannot identify yourself, Lysa will in many instances not be able to perform the service you require. If we do not comply with the Anti-Money Laundering Act, Lysa may be subject to sanctions from the Swedish Financial Supervisory Authority. It is also important for Lysa to do everything in our power to avoid that our business is used for criminal activities.
If Lysa suspects money laundering, this will be reported to the Financial Police, a special unit within the Swedish Police Authority.
To reduce money laundering and terrorist financing, we need to work together and help each other. If you have questions, you are always welcome to contact us.
Read more at www.fi.se.