Yes - if motivated by the risk for money laundering or terrorist financing.
IMF Financial Sector Stability Assessment in 2011
Yes - single or linked transactions under EUR15,000.
approved identification documents with name and social security number. Remote customers can be identified with an
approved electronic identity card to verify name, social security number and address. Foreigners must be identified through a passport and
a copy must be kept.
official registration documents and the identity of representatives through approved identification documents.
Beneficial owners who control more than 25% of shares in a company or have significant influence over a company should be identified directly through an identification check, through official databases or through other documents received that can verify the identity of the beneficial owners.
a) when a business relationship is established or an individual transaction is carried out with another at a distance.; b) when establishing a business relationship or having a single transaction with a Politically Exposed Person (‘PEPs’) who resides abroad; c) correspondent banking relationships with credit institutions outside EU/EEA; and d) when the risk of money laundering or financing of terrorism is deemed to be high.
a) the establishment of a business relationship; and
b) single transactions.
This only applies when the PEP is residing abroad.
Gather sufficient information about the bank in order to assess the reputation of the bank and the quality of supervision, assess the bank’s AML/CFT controls, document the controls of each institution, obtain internal approval to establish a correspondent banking relationship and verify that the bank undertakes KYC procedures of its customers and can provide relevant information.
When a business relationship is established or an individual transaction is carried out with another at a distance, such as opening bank
Some agreements with government entities may be exempted.
Section 17 states that only qualified electronic signatures that use a digital certificate may be used in place of handwritten signatures.
Summary of law
Sweden follows the UNCITRAL model law and is similar to the laws of many European Union member states. However, its laws are focused solely on the legality of what are called digital, advanced or qualified electronic signatures. These types of signatures require that the signing party have a digital certificate that has been issued by a qualified service provider. There is no clear provision for simple electronic signatures under Swedish law.
The Gaming Board for Sweden (Lotteriinspektionen), e Swedish Board of Supervision of Estate Agents (Fastighetsmäklarnämnden)
Third parties can be used or the financial institution can choose to perform these controls in-house. However, the financial institution always
has responsibility for identification procedures and ensuring compliance with laws and regulations.