Information about measures to prevent money laundering and the financing of terrorism
Our customers' security is very important to us, and we work actively to prevent and combat money laundering and the financing of terrorism. Below is a description of how Telia Finance works with these issues.
What is money laundering and the Money Laundering Act?
Money laundering is when criminal enterprises use financial companies to "launder money" so that money earned from illegal activities can be reported openly. This may concern money from e.g. drug trafficking, smuggling, robbery, fraud, child abuse, arms dealing, etc. All financial enterprises within the EU have a duty to prevent money laundering and the Swedish Act on Measures to Prevent Money Laundering and Terrorist Financing (the Money Laundering Act) is based on an EU directive. The Money Laundering Act is to prevent financial institutions from being used for money laundering or the financing of terrorism and entails that Telia Finance must continuously assess the risk that our company may be used for money laundering. To do this, we need to know our customers and their business well and understand the background to our customers' transactions and agreements with us.
We have to ask you some questions
According to the Money Laundering Act we need certain information about you and may need to ask you supplementary questions as a customer. Below are some examples of various circumstances and events where this may be relevant.
Knowing the customer
As part of our safety work, you as a customer must always be identified when you do business with us, either in person or via BankID, or our equivalent procedures when you do business via the Internet or telephone. To perform a transaction, or when you need new credit, as an existing customer you may be requested to present valid ID documents and reply to additional questions. If you represent a company or are self-employed you must be able to present valid ID documents and prove that you are entitled to represent the company. Telia Finance also needs to know who or what owns more than 25 per cent of the company and whether anyone has a controlling influence in the company (called a beneficial owner). You may also be asked questions about the company's activities, turnover and how the company will use Telia Finance's services.
When you wish to purchase a product, make a payment, or make any other transaction with Telia Finance, you may be requested to answer questions and present ID documents to us. If we do not understand the purpose of your requirements, or where the money originates from, our staff are obliged to ask supplementary questions. As a customer you must also be prepared to present receipts, invoices or other documents to confirm your statements.
Politically exposed person (PEP)
In accordance with the Money Laundering Directive, we as a company must be aware of whether you as a customer hold a leading political position or government office, whether you are part of the management of an international organisation, or whether you are a related party (family or close employee) to anyone with such a position in Sweden or abroad. We will therefore ask you questions to discover whether you are a PEP.
In certain cases Telia Finance may not provide the service
It is important for Telia Finance to do everything we can to avoid our company being used for criminal activities. If you cannot present valid ID documents, or cannot identify yourself via telephone or the Internet, Telia Finance will (in most cases) refuse to perform the required service. If our employees fail to adhere to the Money Laundering Act, Telia Finance may be subject to sanctions from the Swedish FSA. On any suspicion of money laundering, we will report this to the Financial Intelligence Unit (a special section of the Swedish Police).
We need your cooperation to prevent and combat money laundering and the financing of terrorism. If you have any questions, please do not hesitate to call our customer service or visit the Swedish Bankers' Association's website, here, for more information.