The lawyer answers: What documents are required according to the Money Laundering Act?
The Money Laundering Act places far-reaching demands on you as a business operator. Exactly what steps you need to take and what documents are required in your particular case may vary, which is related to the fact that the Money Laundering Act rests on a risk-based approach. In addition to the Money Laundering Act, there are various regulations that affect only certain types of business operators. Regardless of what your risk level and your business look like, the Money Laundering Act requires that you at least prepare the documentation that appears below.
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General risk assessment
As a business operator, you must make an assessment of how the products and services provided in the business can be used for money laundering or terrorist financing and how great the risk is of this happening (general risk assessment). This forms the basis of your obligations under the Money Laundering Act.
Risk assessment of customers
As a business operator, you must assess the risk of money laundering or terrorist financing that can be associated with your customer relationships (customer risk profile). The customer's risk profile must be determined based on the general risk assessment and your knowledge of the customer.
Internal procedures and guidelines
As a business operator, you must have documented routines and guidelines regarding your measures for customer awareness, monitoring and reporting as well as for the processing of personal data.
You must continuously adapt the routines and guidelines to new and changed risks for money laundering and the financing of terrorism.
The scope and content of the procedures and guidelines must be determined taking into account the size of your business, nature and the risks of money laundering and terrorist financing identified in the general risk assessment.
Special rules apply to parent companies in a group.
Routines for suitability assessment
As a business operator, you must have routines to ensure the suitability of employees, contractors and others who participate in the business on a similar basis, if they perform tasks of importance to prevent the business from being used for money laundering or terrorist financing.
Training
As a business operator, you must ensure that employees, contractors and others who, on a similar basis, participate in the business and who perform tasks of importance to prevent the business from being used for money laundering or terrorist financing continuously receive relevant training and information in order to be able to fulfill your obligations under the Money Laundering Act.
The training must at least cover relevant parts of the content of the current regulations, your general risk assessment, routines and guidelines as well as information that should facilitate the detection of suspected money laundering and terrorist financing.
Internal control
Finally, as a business operator, you must have routines and guidelines for internal control.
Erik Rosqvist
Erik is a lawyer and runs Recollecta Juridik, where he assists small and medium-sized companies in legal matters. Erik regularly helps DokuMera's customers in various legal matters, and you who have our service the Business Package can contact him through DokuMera's Question Service.
erik.rosqvist@recollecta.se