Customer Knowledge – Measures Against Money Laundering and Financing of Terrorism

Money Laundering Act (Swedish law 2017:630)

To counteract money laundering and the financing of terrorism, regulations have been globally introduced. The Swedish law is based on the EU’s Fifth Anti-Money Laundering Directive, requiring all financial institutions within the EU to prevent money laundering. The Act also covers companies and professionals outside the financial sector, such as auditors, lawyers, real estate agents, and others.

Why do we need to ask you questions?

The Money Laundering Act (Sweden: Law (2017:630) on Measures Against Money Laundering and Financing of Terrorism) imposes new and higher requirements on us as a tax agency operating within the financial sector. The law largely requires us to have a good understanding of you as a customer and of your transactions. Therefore, we need to ask questions to both our existing and potential customers. We always process all information in accordance with the General Data Protection Regulation (GDPR).

We are obligated to ask these questions

As professionals within the financial sector, we are legally obliged to take measures for customer knowledge and assess the risk of being exploited for money laundering and financing of terrorism.

Prospective customer at CauseyWestling

Being a tax agency operating within the financial sector, we are obligated to verify the identity of our prospective customers. We may need additional information and ask further questions to meet the requirements for customer knowledge and risk assessment.

Existing customer at CauseyWestling

Existing customers may also need to prove their identities and provide additional information.

Correct information is required

If you, as a customer or potential customer, cannot prove your identity or do not respond to CauseyWestling’s questions, we are as a tax advisor not allowed to provide our services to you.

Representing a company

If you represent a company, we need information about the ultimate beneficial owner (the person or persons who own more than 25 percent of the company and any person with significant control), and documentation confirming your authority to represent this company. We may also need to ask additional questions about the ultimate beneficial owner to meet the requirements for customer knowledge and risk assessment. You must also be prepared to answer questions about the company’s activities and turnover.

Politically Exposed Persons (PEPs)

The requirements for customer knowledge and risk assessment include knowing if anyone in the company is a “PEP” (Politically Exposed Person), meaning someone who holds or has held important functions in a state or international organization. We also need to know which of our customers are family members and known associates of a ”PEP”.

Suspicions of money laundering or financing of terrorism

If CauseyWestling suspects money laundering or financing of terrorism, it must be reported to the Swedish Financial Police, a special unit within the Swedish National Criminal Police.