In short, the Money Laundering Act means that Nordiska must make an assessment of the risk of being used for money laundering. The law places high demands on Nordiska to have good knowledge of its customers and their business. Nordiska must understand the purpose of the business relationship and also the customer's various transactions. The customer information Nordiska receives is treated confidentially and covered by bank secrecy.
The purpose of the transaction
When you want to make a payment or other transaction, you must be able to answer questions and show a valid ID document when someone at Nordiska requests it. This may apply to transactions that are perceived as unusual or for which Nordiska does not understand the background. Nordiska is then obliged to ask you about the purpose of the transaction, where the money comes from and what it will be used for, etc.
In some cases, Nordiska may also need to see agreements, receipts, invoices or other documents that prove your explanation.
How are you affected as a prospective customer of Nordiska
Nordiska is obliged to check the identity of those who want to become new customers, for example, when opening an account. In order to be able to perform requested services, the adviser may need to ask additional questions to gain more knowledge about you and the purpose of the transaction.
How are you affected if you are already a Nordiska customer
Even if you are already a customer, you must be able to show a valid ID document and provide additional information upon request. This may apply, for example, when you want to complete a transaction or have a new position.
People in a politically vulnerable position - PEP
Nordiska must know if you are a PEP, which means you have or had important functions in a state or in an international organisation. Nordiska must also know which customers are family members and known employees of a PEP.
Corporate customers
Company representatives must be able to show a valid ID document and proof you have the right to represent the company. In addition, Nordiska must have information on anyone who owns more than 25 percent of the company and anyone who has a controlling influence on the company, the so-called real principal. You must also be prepared to answer questions about the company's operations, organisation, its turnover and how you will be using Nordiska's services.