Therefore, FOREX must ask questions

In order to protect you as a customer, us as a company and society in general, FOREX takes very seriously the prevention of criminal activities such as money laundering, financing of terrorism, trafficking and illegal arms trade. While we know that the vast majority of our customers have good intentions, we ask the same questions of everyone.

What is money laundering and terrorist financing?

Money laundering is the process of concealing the origin of money or assets and making money or assets from criminal activities appear legally earned. It can be money from drug offences, human smuggling, trafficking, fraud, robbery, arms trafficking and more. Terrorist financing means that someone in some way supports terrorism financially. The support may take the form of grants, collection, provision or receipt of money or assets intended to be used for the financing of terrorism. Money laundering and terrorist financing are criminal offences.


The Money Laundering Act

To counteract money laundering and terrorist financing, there is the Money Laundering Act (Act (2017:630) on measures against money laundering and terrorist financing). It is based on the EU directive, which means that all financial companies in the EU, including companies such as FOREX, are obliged to counter money laundering and terrorist financing. We therefore have a legal obligation to collect information about our customers. If the law is not followed FOREX can suffer serious sanctions from the Swedish Financial Supervisory Authority.


Requirements for good customer knowledge

In order to comply with the Anti-Money Laundering Act, we ask questions to understand our customers and how our products and services are used. If we do not understand, we are obliged to ask about the purpose of the transaction, where the money comes from and what it will be used for, etc. Without customer knowledge, we are not allowed to offer our services and products to customers. The customer information and personal data FOREX receives is treated confidentially. Read more about our processing of your personal data at

For all cases, you are required to confirm your identity, for example via your passport, driver's license or other valid photo ID. You may also need to answer whether you are a person in a public position, a close family member or known employee of such a person, or hold another formal government office. All our customers have to answer questions before we can offer our products and services. Sometimes we may also need to see documentation, such as contracts, receipts or other documents.