The new year is fast approaching and companies need to get compliant before January 1st 2020 to avoid a visit by Finansinspektionen. New changes regarding anti-money laundering and terrorist financing measures will come into force.
These legislative changes affect many different industries, including banking or finance, life insurance, funding, payment services, investment funds, real estate brokers, gaming operations, auditing companies, accounting services and law firms.
Some of the important laws regarding Know Your Customer (KYC) are:
- An operator must identify the customer and verify the customer’s identity from an independent and reliable source.
- An operator should investigate whether the customer has a beneficial owner.
- An operator must continuously and if necessary follow up ongoing business relationships in order to ensure that the customer knowledge is up-to-date and sufficient to handle the estimated risk of money laundering or terrorist financing (Regeringens proposition 2018/19:150 Skärpta åtgärder mot penningtvätt och finansiering av terrorism).
- We recommend that you start by doing data cleansing of your customer registry before the end of the year. In this way you get a good foundation to stand on. We are happy to help you with this!
- After this, we should look at an effective long-term solution together. With the help of APIs and monitoring services you can digitally and automatically follow the new laws safely.
Contact us on 08-819 820 or in the chat and we will help you!