Why we ask our customers questions

The law requires us to know our customers. The questions we ask help us protect you – and society – against money laundering and other financial crime.

We are required to know you as a customer

The Swedish Anti-Money Laundering Act requires us to perform proper due diligence on our customers and their banking business. We must understand the purpose of the business relationship and your various transactions. 

The Act also requires us to determine whether you are a PEP, meaning a politically exposed person, or the family member or close associate of a person with a prominent function within a government, a state-owned company, or an international organisation.

As regards organisations, we need information about who owns or holds significant influence – a stake of more than 25 per cent – in the organisation, i.e. who the beneficial owner is.

How does this affect our future customers?

When you become a customer, you will be asked a few questions about how you intend to use the bank's services, and we will need to verify your identity. If you deposit money or transfer securities, we may need to ask where they come from.

All information is treated in strict confidence, bank secrecy applies.

Read more about money laundering – Swedish Bankers' AssociationOpens in a new window

How does this affect our existing customers?

We will also ask for up-to-date information about our existing customers. We are required by law to regularly update the information about our customers, and the way in which they use our products and services.