KYC – Know your customer
Requirements in The Swedish Club
As an international marine insurance provider, The Swedish Club applies a structured approach to know our members and business partners.
The Swedish Club´s KYC processes ensure that we meet the legal and regulatory requirements in the jurisdictions where we operate, and they help protect the Club from being misused for financial crime, including money laundering, terrorist financing, sanctions breaches, fraud, and corruption.
Our aim is always to support a smooth and secure cooperation while keeping the administrative burden for our members as low as possible.
Minimum Information Requirements
To establish and maintain a business relationship, The Swedish Club needs to obtain a basic set of information for each customer, member, or relevant counterparty.
The information required may vary depending on the type of counterparty, but will typically include:
- Legal name, registered address, and registration number
- Names of directors, senior officers, or individuals in comparable roles
- Ownership and control structure, including identification of any Ultimate Beneficial Owners (UBOs)
- Verification of active legal status through official or independently sourced documentation
When Public Information Is Insufficient
If the necessary information cannot be confirmed through reliable public or independent sources, we may request additional documentation to verify the entity’s existence and legal standing.
In such cases, the counterparty will be asked to:
- Complete The Swedish Club’s CDD Questionnaire, and
- Provide supporting documentation such as a valid certificate of incorporation, certificate of good standing, or an equivalent record issued by an official registry confirming that the entity is duly registered and active.
Ongoing Updates
KYC is not a one-time exercise but an ongoing requirement.
The Club therefore periodically reviews counterparty information to ensure that it remains accurate, up to date, and aligned with our compliance standards.