Anti-money laundering

Qred Bank AB (928 148 793), (“Qred”) is subject to supervision by the Swedish Financial Supervisory Authority and is authorized to conduct banking activities. As a credit enterprise, Qred is committed to complying with applicable anti-money laundering legislation and preventing money laundering and terrorist financing. Here we have gathered information about what money laundering entails, what the law requires and how it affects you as a customer.

What is Money Laundering and Terrorist Financing?

Money laundering is any transaction that helps conceal the origin of money stemming from a criminal act. Its purpose is to make it look like the proceeds have been earned in legal fashion, and hide that it stems from crime. For example, money laundering occurs when proceeds from a tax evasion, drug crime, fraud and other financial crime are transferred from one person or enterprise to another person or enterprise with a seemingly good explanation.

Terrorist financing means providing financial support for terrorism. This can be done through direct donations, but also indirectly by collecting, giving or receiving money to be used for terror. It can be done with legal money, but the ultimate purpose, to fund terrorism, is illegal.

Money laundering and terrorist financing are serious threats to our society. This gives us a responsibility to prevent our products and services from being misused to launder money or fund terrorism. The regulations for the prevention of money laundering and terrorist financing are based on an EU directive. To follow up on this responsibility, we are committed to asking our customers a few questions.

Qred's commitment to question

There are strict requirements for good customer knowledge and the Anti-Money Laundering Act imposes a responsibility on Qred to assess whether there is a risk that our products and services will be used for money laundering and terrorist financing.

The requirement for good customer knowledge covers both new and existing customers, where we need to ensure that the information about our customers is up to date and up to date. It may therefore be necessary for us to ask you to update your company's information from time to time.

A basic measure of good customer knowledge involves an identity check of the real right holder, any political exposed persons (PEP) as well as the purpose and intended nature of the customer relationship. As a representative of a business, you will also be asked if the business has private individuals who directly or indirectly own more than 25 percent, or otherwise control the business. Representatives of the enterprise or persons with the right of disposal over the funds of the enterprise must show power of attorney and legitimize themselves.

If the customer does not wish to provide the requested information or does not provide satisfactory explanation of the questions, Qred may be obliged to refuse to establish customer relations or terminate the customer relationship.

What is a politically exposed person?

‍A politically exposed person (PEP) is a natural person who holds, or has held, a high-ranking public office or position in Norway or abroad. The same applies to people who are close family members or known associates (“close relatives”) of a PEP.

What is meant by public office or position?

• Head of State, Head of Government, Minister or Assistant Minister
• Member of the National Assembly
• Member of governing body of political party
• Member of a higher judicial body who makes a decision which is not or can only be appealed in exceptional cases
• Member of the Board of Directors of the National Audit Office, Court of Auditors or Central Bank
• Ambassador, chargé d'affaires or military officer of higher rank
• Member of administrative, leading or controlling body of state enterprise
• Director, board member or other person in senior management of international organization
  

What is a real copyright holder?

A real rightholder is a natural person who alone or together with close family members owns or controls more than 25 percent of the ownership or votes in the business.

Close family member is defined as: Parents, spouse, registered partner, cohabitant and children, as well as the child's spouse, registered partner or cohabitant.

The percentage of ownership includes both direct and indirect ownership.

Controls mean that one:

• By virtue of holding shares, shares or membership, it controls more than 25 percent of the total number of votes in the business.
• Has the right to appoint or dismiss more than half of the company's directors or equivalent key persons.
• By virtue of statutes, agreement with the entity or agreement with its owners, members, or equivalent, may exercise control in accordance with the previously mentioned points.
• Due to voting rights together with others, they get a controlling majority.
  

Why do I need to state the purpose of the transaction?

When you apply for business loans you must provide information about the purpose and intended nature of the customer relationship, ownership and expected transactions. This comes from the fact that Qred must understand the background of the transaction, what the money will be used for and where the money will come from when the loan is paid off.

Please note that additional documentation requirements may arise where we request documentation of agreements, receipts, invoices or similar documents.