Measures against money laundering and the financing of terrorism

Summary of the measures adopted by Volvofinans Bank against money laundering and the financing of terrorism (published in August 2019).

Volvofinans Bank (hereinafter referred to as Volvofinans) was founded in 1959. It is owned by Swedish Volvo and Renault dealers via the holding company AB Volverkinvest (50%) and by Volvo Personvagnar AB (50%). In July 2008, Volvofinans obtained a permit from the Swedish Financial Supervisory Authority to carry out banking activities.

Volvofinans develops financial products for a smarter car and transport economy and to facilitate the sale of products that are marketed and sold by Volvo and Renault dealers on the Swedish market. We endeavour to always be the best at everything we do and we are constantly developing new services for future mobility. Innovations and smart solutions such as new types of car loans and digital services for the management of car-related expenses can help our customers to turn their dream of a new car into reality.

Volvofinans considers its work against money laundering and the financing of terrorism to be a natural part of its business and something which helps the bank ensure it remains a sound player in a sound market. Volvofinans takes a risk-based approach which means that its entire range of measures, procedures, checks, etc, is constantly adapted to the changing risks of money laundering and the financing of terrorism.

Volvofinans complies with national regulations on money laundering and uses internal checks and reviews to ensure that all laws, directives, internal governance documents and procedures are followed. An independent auditing body reviews and ensures that the anti-money laundering (AML) measures undertaken by Volvofinans are fit for purpose and effective.

The work done by Volvofinans to combat money laundering and the financing of terrorism is wide-reaching and includes:

  • Documented procedures and guidelines regarding measures for customer due diligence, monitoring and reporting, as well as the processing of personal data.
  • The collection of customer due diligence, including the details of beneficial owners, both during the onboarding process and on a continuous basis in order to ensure that all details remain up to date.
  • The identification of all customers and checks on the identity of customers and their representatives.
  • Automated transaction monitoring.
  • Daily customer checks against PEP and sanction lists.
  • Risk classification on a customer level based, inter alia, on customer due diligence, product and geography.
  • Risk assessments of Volvofinans products and services.
  • The training of personnel in matters relating to money laundering and the financing of terrorism. Such training is adapted to the work tasks of each individual employee.


The bank’s AML regime

As part of the bank’s AML governance, Volvofinans has appointed a Special Executive and an AML Manager as the front line, a Risk & Compliance Manager as the second line and an independent external auditing body as the third line.