Both financial firms and a considerable number of non-financial firms and professionals are obliged to follow the sanctions issued by the European Council, aimed at persons and entities suspected of involvement in acts of terrorism or collaborating with terrorists and persons linked to certain non-EU regimes.
Activities that constitute “terrorist financing” are described in the Money Laundering and Terrorist Financing (Prevention) Act (the Anti-Money Laundering Act).
Both financial firms and non-financial business operators are subject to the Money Laundering and Terrorist Financing (Prevention) Act.
It is FI’s assessment that firms in general have a greater awareness of the regulations than in previous investigations and are committing more resources to their work to prevent money laundering. But more needs to be done.
FI has updated the instructions and FAQs about the periodic reporting firms under Finansinspektionen’s supervision are required to file according to the Anti-Money Laundering Act.
FI has translated into English its educational videos about efforts to combat money laundering and terrorist financing.
A firm shall review transactions in order to detect transactions and other activities that could be suspected to form an element of money laundering or terrorist financing.
The firm must possess solid knowledge about its customers and their affairs so as to make it more difficult for the business to be used for, and to prevent, money laundering or terrorist financing.