I had to have the BCM replaced (AWD version of the car) and though the ABS light came on with this failure and also the 'brake failure" message I am confused as to whether this is the same module as the ABS module. The Volvo dealer charge for the part was over $1,000.
BCM v. ABS module on 2004 Volvo S60
The ABS functions are controlled by the BCM. The BCM (Body Control Module) also controls the DSTS system (Dynamic Stability & Traction Control).