Measures against money laundering and the financing of terrorism

Ziklo Bank (hereinafter referred to as Ziklo) is owned by Swedish Volvo dealers via the holding company AB Volverkinvest (50%) and by Volvo Cars Sweden (50%). The company was founded in 1959 and obtained a permit from the Swedish Financial Supervisory Authority to carry out banking activities in July 2008.

Ziklo considers its work against money laundering and financing of terrorism to be a natural part of its business and something which helps the bank ensure it remains a sound player in a sound market. Ziklo takes a risk-based approach which means that its entire range of measures, procedures, checks, etc, is constantly adapted to the changing risks of money laundering and the financing of terrorism.

Ziklo complies with national regulations on money laundering and uses internal checks and reviews to ensure that all laws, directives, internal governance documents and procedures are followed. An independent auditing body reviews and ensures that the anti-money laundering (AML) measures undertaken by Ziklo are fit for purpose and effective.

The work done by Ziklo to combat money laundering and the financing of terrorism is wide-reaching and includes:

• Documented procedures and guidelines regarding measures for customer due diligence, monitoring and reporting, as well as the processing of personal data.
• The collection of customer due diligence, including the details of beneficial owners, both during the onboarding process and on a continuous basis in order to ensure that all details remain up to date.
• The identification of all customers and checks on the identity of customers and their representatives.
• Automated transaction monitoring.
• Daily customer checks against PEP and sanction lists.
• Customer risk assessment, inter alia, of customer due diligence, product and geography.
• Risk assessments of Ziklo’s products and services.
• The training of personnel in matters relating to our preventive work against money laundering and the financing of terrorism. Such training is adapted to the work tasks of each individual employee.

The bank’s AML regime

As part of the bank’s AML governance, Ziklo has appointed a Special Executive and an AML Manager as the front line, a Risk & Compliance Manager as the second line and an independent external auditing body as the third line.