If the s60 has a 4 speed gear box, you can use Mobil 1 ATF, synthetic. A 5 speed uses Toyota 3309. But get any updates for the tranny first, dealer only. While there you could opt for a vehicle inspection, usually 1 hour labor.

Look at Volvo's web site and plug in the VIN and see if there are any recalls.

I doubt that the ETM was replaced at 44K, the free replacement lasted until 2011. They usually were good until 60K miles or so. The problem is finding a replacement with a white sticker that doesn't have 180K+ miles on it. Dealer is quite expensive.

Change all of the fluids! Do her a favor and replace all the brake pads, especially the rear. The rotors should be good to go.

Timing belt is over 10 years old, the belt and tensioner are replaced as a pair. The H2O pump should be good.
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Keeping it running is better than buying new