KYC.IO

Global Regulations and Requirements for KYC Onboarding
(powered by KYC-Chain)

KYC to onboard domestic persons

identity cardpassport

KYC to onboard international persons

identity documentssocial security numberidentity cardaddresspassport

corporate requirements

official registration documentsidentity of representativesidentification documentation

National ID card name

nationellt id-kort

National ID Photo

back of national id photo back

Does the country have Esignature Laws?

Qualified Electronic Signatures Act

E-sig law files

What year did the relevant AML laws and regulations become effective?

2009

Further details on AML regime

In 2009, the 2009:62 Money Laundering and Terrorist Financing (Prevention) Act became effective.

Who is the regulator for AML controls for Banking

The Swedish Financial Supervisory Authority (Finansinspektionen)

Link to site

http://www.fi.se/Regler/Penningtvatt/

Other financial Services

Swedish Financial Supervisory Authority

Website of Regulator

N/A

Financial Sector regulator

www.lotteriinspektionen.se/en/, http://www.fastighetsmaklarnamnden.se/

Practical Guidance for AML

Yes - by the Swedish Bankers’ Association

Practical guidance PDF's

www.penningtvatt.se

Is there a requirement to verify the identity of customers retroactively?

Yes

Retroactive details

Yes - if motivated by the risk for money laundering or terrorist financing.

Has the country been the subject of FATF mutal evaluation in the last 3 years?

IMF Financial Sector Stability Assessment in 2011

PDF of FATF review

Are there minimum transaction thresholds (Y/N)

Yes

More details on minimum transaction thresholds.

Yes - single or linked transactions under EUR15,000.

What are the requirements for customer identification information for individuals

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.

Details to be Collected on Corporates

official registration documents and the identity of representatives through approved identification documents.

What are the high level requirements around beneficial ownership (identification and verification)?

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.

What circumstances are enhanced customer due diligence measures required?

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.

How should FI's deal with Politically exposed persons

a) the establishment of a business relationship; and b) single transactions. This only applies when the PEP is residing abroad.

What enhanced due diligence must be performed for correspondent banking relationships?

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.

Are relationships with banks who might be considered a 'shell' and without substance permitted?

Yes

In what circumstances is additional due diligence required for non face-to-face transactions and/or relationships?

When a business relationship is established or an individual transaction is carried out with another at a distance, such as opening bank accounts online.

To whom are SAR's made? (suspicious activity reports)

Financial Intelligence Unit (Finanspolisen)

Link to website of SAR reporting

http://www.polisen.se/Om-polisen/Sa-arbetar-Polisen/Specialkompetenser/Finanspolisen/

Other Suspicious or unusual transactions obligations.

Are there any de-minimis thresholds below which transactions do not need to be reported?

Are there any penalties for non compliance with reporting requirements e.g. tipping off?

Yes - non compliance which is intentional or due to negligence carries penalties, according to Chapter 7 in 2009:62 Money Laundering and Terrorist Financing (Prevention) Act.

Are there any requirements (legal or regulatory) to use automated Suspicious Transaction monitoring technology?

Is there a requirement to obtain authority to proceed with a current/ongoing transaction that is identified as suspicious?

Does the local legislation allow transactions to be monitored outside the jurisdiction?

Is there a legal requirement for a bank’s external auditor/other external organisation to report on the bank’s AML systems and controls?

N/A

If an external report on the bank’s AML systems and controls is required: a) how frequently must the report be provided?

N/A

To whom should the report on AML systems be submitted?

N/A

Is an AML system part of the financial statement audit?

N/A

What are the requirements for the content of this external report on a bank’s AML systems and controls? Does it require: a) sample testing of KYC files? b) sample testing of SAR reports? c) examination of risk assessments?

N/A

Data Protection Laws And Personal Data

N/A

Data Protection for Corporate Data

N/A

Data protection for "sensitive Data" and additional protections.

N/A

Do any restrictions on the transfer of credit reports exist?

N/A

Regulator Acronym

SFSA

Year of last FATF mutual evaluation

2011

Field 67

bank

National ID card details

Sweden has since 2005 issued national identity cards, but they are not compulsory and only obtainable by Swedish citizens, mostly intended to use for intra-Schengen area travel.

National ID source

https://en.wikipedia.org/wiki/National_identity_card_(Sweden)

Passport Photo

practical Guidance yes / no

Is there a risk based approach

Legal Requirement

Requirement to proceed

requirement to use automated suspicious transaction tools

Who are SARS made to?

FIU-Finanspolisen

shell banks

Yes

EDD for correspondent banking

Yes

Minimum transactions

EUR 15,000.

Min transaction USD

16377

key restrictions

Some agreements with government entities may be exempted.

Summary

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.

Are e-signatures acceptable

If the AML laws and/or regulations became effective in the last 2 years, what were the requirements of the previous AML regime?

N/A

Non financial sector (e.g. casinos, high value goods etc.)

The Gaming Board for Sweden (Lotteriinspektionen), e Swedish Board of Supervision of Estate Agents (Fastighetsmäklarnämnden)

Does the country have a risk based approach?

Yes

Where copies of identification documentation are provided, what are the requirements around independent verification or authentication?

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.