Qred Bank AB is a bank authorized to conduct banking operations and is registered with the Financial Supervisory Authority in accordance with law. Qred Bank AB is thus obliged to comply with the Act (2017:630) on measures against money laundering and terrorist financing (”Money Laundering Act“). Here we collect information about money laundering, what the law requires and how it affects you as a customer.
What is money laundering and terrorist financing?
Money laundering is the transformation of money that comes from criminal activity for the purpose of concealing or concealing the illicit origin of money. Money laundering may also involve trying to hide money earned from legal activities in an attempt to withhold the money from taxation. By laundering the money, criminals can use illegal money without, arousing suspicion.
Terrorist financing means supporting terrorism financially. This can be done through direct contributions, but also indirectly by collecting, providing or receiving money to be used for terrorism. It can be done with legal money, but the ultimate purpose, to finance terrorism, is illegal.
Money laundering and terrorist financing pose serious threats to our society. We at Qred take our responsibility to prevent money laundering and terrorist financing and therefore have to ask our customers certain questions.
Qred's duty to ask questions
The requirements for customer knowledge are high according to the Money Laundering Act. Qred is always obliged to obtain information about our customers and assess the risk of our services being used for money laundering or terrorist financing.
Both new and existing customers are subject to the requirement of customer knowledge, as the information must always be kept up to date and up to date. Therefore, existing customers may sometimes need to update their information from time to time.
The requirement of customer knowledge means that Qred must ensure the identity of the customer, the identity of the beneficial owner, information about the PEP and the purpose and nature of the transaction. If we do not get the questions answered, it may result in us not being able to offer our services or having to terminate contracts with existing customers.
What is a PEP?
PEP is an acronym for Politically Exposed Person, or Person in a Politically Exposed Position in Swedish. It is a broad term that includes a person who holds or has held public office, or a position in management in an international organization, as well as the person's family and known associates. “Important public function” means:
What is a real principal?
A real principal is the one or they persons who ultimately owns or controls a company or association, or for which someone else trades or acts. Thus, a real principal is always a natural person.
Owning or controlling a company can be done in various ways, for example by owning more than 25% of the shares in the company or by having the right to appoint or remove more than half of the directors.
If a person owns or controls a limited liability company together with related persons (spouse/spouse/cohabite/registered partner, parents, children and the children's spouse/partner/registered partner), their control shall be counted together. For example, if two spouses own 20% each in a company, their share should be added together. Then the ownership share becomes 40% and both spouses are considered to be real owners of the company.
Why do we have to state the purpose of the transaction?
When you apply for a business loan, you must answer questions about, among other things, the company's operations, turnover and what the money will be used for. The reason is that Qred needs to understand the background to the transaction, what the money will be used for and also where the money will come from when the loan is paid back.
In some cases, Qred may need to see additional information such as contracts, receipts, invoices or similar documents.