Compliance & Security

Anti-Money Laundering and Customer Due Diligence (AML/KYC)

BlockSettle AB applies a risk-based approach to combating money laundering and the financing of terrorism, in accordance with the Anti-Money Laundering Act (2017:630).

The measures are adapted to the nature of the business, where the company provides payment initiation and account information services and does not handle client funds.

• Customer identification and verification
• Identification of beneficial owners (for legal entities)
• Customer risk classification (low, standard, high risk)
• Enhanced due diligence for elevated-risk customers
• Ongoing monitoring of customer relationships
• Monitoring of payment-initiated transactions to the extent relevant to the service
• Reporting of suspicious transactions to the Financial Police as required by law
• Documentation and retention of customer due diligence records

ICT and Operational Resilience (DORA)

BlockSettle AB maintains a framework for the management of information and communication technology (ICT) in accordance with the EU Digital Operational Resilience Act (DORA).

The framework is proportionate to the scale and risk profile of the business.

• Identification and management of ICT risks
• Protection, detection, response and recovery from incidents
• Classification and reporting of major ICT incidents as required
• Business continuity and disaster recovery planning
• Management and oversight of third-party ICT providers

Data Security and Data Protection

BlockSettle AB implements technical and organisational measures to protect information and personal data in accordance with applicable law, including GDPR.

• Access controls based on need and authorisation
• Encryption and secure communication where relevant
• Logging and traceability of system access
• Data minimisation and purpose limitation
• Procedures for incident management and reporting of personal data breaches

BlockSettle AB does not hold client funds and does not provide payment accounts.