Anti-Money Laundering

Do you find it strange that we want to know what you earn, where your money comes from or whether you are politically active? The reason is something known as money laundering, which means that as a bank, we need to assess the risks of our business being abused in order to launder money or finance terrorism. It is because of these risks that we are legally obliged to know who our customers are, where their money comes from and why certain transactions are carried out.

How does this affect private customers?

This naturally will not mean anything strange or unusual for you as a customer or a prospective customer of ours. Nothing other than the fact that we may need to ask a few questions from time to time. We are obliged to check your identity in various situations, such as when you take out a Volvo Card. When you deposit money with us, we may sometimes want to know where the money has come from. In some cases, we may even need to see contracts, receipts, invoices or other documents that support your explanation. All information that you give us is naturally confidential and our banking confidentiality policy applies as normal.

What does this mean for business customers?

If you represent a company, you will need to present a valid ID document and proof that you are authorised to represent the company in question. Additionally, you will also need to state who is the beneficial owner, which is to say the person or persons who ultimately own or control the company. This may even be the person or persons who benefit from somebody acting on their behalf. If there is no beneficial owner then the CEO, the chairman of the board or a similar executive will be regarded as the beneficial owner. This information helps to combat both money laundering and the financing of terrorism. You must also be prepared to answer questions about the activities carried out by the business, its turnover and how you intend to make use of our services.

When are we not able to provide a service?

There are certain cases in which the law prevents us from providing a requested service. This is the case if you are unable to present a valid ID document or an acceptable explanation as to why you want a certain service to be performed. If we do not obey the law then both the individual employee assisting in your case and the bank itself can be penalised by the Financial Supervisory Authority.

Would you like to know more?

Read a summary of the measures adopted by Volvofinans Bank against money laundering and the financing of terrorism

More information about the laws and rules that apply can also be found on the website of the Financial Supervisory Authority and of the Swedish Bankers’ Association.