PEP Policy

Valid from 25 May 2018 and onwards.

In case of any inconsistencies between the Swedish and the English version of this "PEP Policy", the Swedish version shall take precedence.

Under the Act (2017:630) on Measures against Money Laundering and Terrorist Financing, Kivra as a registered payment institution is obliged to take special measures at the entering into a customer relationship regarding Kivra's payment service with persons who are in politically exposed position (so-called "PEP").

Anti-Money Laundering Act

The Anti-Money Laundering Act defines a PEP as a "a) natural person who has or has had an important public function in a state and b) a natural person who has or has had a function in the management of an international organization". By "important public" function is meant:

  • heads of state or government, ministers, deputy ministers, members of parliament, members of the board of political parties,
  • judges of the Supreme Court, constitutional courts or other high-level judicial bodies whose decisions can only exceptionally be appealed;
  • senior officials of audit authorities and members of the governing bodies of central banks,
  • ambassadors, commanders and senior officers of the Armed Forces, and
  • persons who are part of state-owned companies’ management or control bodies.

The rules also cover persons who have one or more of the following relationships with a person who has or has had any of the above positions;

  • Spouse/registered partner/cohabitant
  • Children
  • Children's spouse/registered partner/cohabitant
  • Parent
  • Well-known employees

The Anti-Money Laundering Act defines "well-known employee of a PEP" as a natural person who e.g. is the beneficial owner of a legal person or legal entity jointly with a PEP or a natural person who alone is the beneficial owner of a legal person or legal entity but where it is known or there is reason to believe that the legal person or legal entity has been established to in favor of a PEP.

Notification of PEP

Users who are a PEP or who have one or more of the above-mentioned relationships with a PEP must inform Kivra about this by sending an email to compliance@kivra.com with personal identity number, name and national registration address with subject line "Notification of PEP” at the latest in connection with activation of the payment service. By activating the payment service in Kivra, it is certified that the information provided is correct and complete and that the notification has been made in accordance with this PEP policy.

Processing of personal data

In order to provide the Payment Service to You who are a PEP or who have one or more of the above-mentioned relationships with a PEP, Kivra needs to collect and process certain personal data about You in accordance with the information about Kivra's processing of personal data which You find here. It is important that You read the information and ensure that You agree with how we process Your personal data. If You do not want the personal data to be processed in the manner described in the information, or You want the data to be deleted, You must unregister from the Payment Service.You can feel confident that Kivra always takes the utmost account of your privacy and handles your personal data with great caution and care.