Sweden’s AML/CTF supervisors
The Swedish Financial Supervisory Authority (SFSA) oversees financial crime enforcement in Sweden. The main objective of the SFSA, which is a public agency, is to advance the financial system's efficiency and stability. Additionally, by keeping an eye on all organisations that function on the Swedish financial markets, SFSA protects customers.
Also, The Swedish Bar Association controls, oversees, and keeps an eye on advocates and associate attorneys.
How do you comply with AML/CTF regulations in Sweden?
In Sweden, there are primarily two laws designed to combat money laundering and terrorism financing.
- The Anti-Money Laundering Act
- Criminal Code for Money Laundering Offenses
You are required to abide by the following rules under the laws.
- Assess the risk that the goods and services you provide could be used for money laundering or terrorism financing, considering your target market, your distribution network, and any potential regional risk factors
- Use a risk-based strategy
- Create and implement a programme to ensure AML/CTF compliance
- Create and implement AML/CTF policies, processes, and guidelines for customer due diligence (CDD), monitoring, processing, and other requirements to combat money laundering or terrorism financing
- Develop a risk profile for each of your clients and take the required safety measures to guard against any money laundering concerns
- Provide employee training to prepare them to follow AML/CTF regulations and policies
- Examine transactions to find any actions that might be thought to be a component of money laundering or financing terrorism
You must maintain track of CDD measures for a minimum of 5 years in your records. The period will be measured starting on the date the actions were taken or, if a business relationship was already established, starting on the date it ended.
What are my AML/CTF reporting obligations?
You must investigate and report suspicious transactions as a reporting organisation. The occurrence of money laundering or terrorism financing does not require proof. The Financial Intelligence Unit must get the report right away.
