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Directors’ Role in Combatting Money Laundering and Terrorist Financing ================================("================
As part of the fight against financial crimes, directors of Swedish companies are now required to appoint an officer responsible for controlling and reporting obligations related to money laundering and terrorist financing. This new regulation aims to ensure that companies have a system in place to prevent their businesses from being used for illicit activities.
The Appointed Officer’s Responsibilities
According to the new regulations, the appointed officer will be responsible for:
- Monitoring and controlling the company’s compliance with anti-money laundering and counter-terrorism financing (AML/CTF) laws and regulations.
- Providing advice and support to employees, contractors, and other relevant parties on AML/CTF rules.
- Informing and training relevant personnel on AML/CTF rules.
- Ensuring that information is provided to the Swedish Police in accordance with the regulations.
- Validating models used by the company to detect suspicious transactions.
Whistleblowing System
Companies are also required to establish a reporting system that allows employees, contractors, and other parties to report suspected AML/CTF violations anonymously. The system must ensure that information is kept confidential and secure.
Reporting Requirements
Companies will be required to submit periodic reports to Finansinspektionen (the Swedish Financial Supervisory Authority) on their activities, risk assessments, customer due diligence measures, monitoring and reporting, and training of employees. The reports must be submitted in digital form by March 31st each year.
Request for Additional Information
Finansinspektionen may request additional information from companies if necessary to assess the risk associated with the company’s activities.
Effective Date
These regulations will come into effect on August 1, 2017, replacing Finansinspektionen’s previous regulations and guidelines on AML/CTF.
For further guidance on these new regulations, directors are advised to consult with legal and compliance experts.