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.
A firm’s employees shall receive training to provide them with sufficient knowledge to follow the firm’s anti-money laundering procedures and guidelines.
A firm shall have in place procedures and guidelines in terms of measures for customer due diligence, monitoring, reporting and processing of personal data.
Customer due diligence measures shall be adapted based on an assessment of the extent of the risk of being used for money laundering and terrorist financing.
These steps should be included in a comprehensive process to avoid the risk of being used for money laundering and the financing of terrorism.