All S60`s have sensors for TC and it could indeed be one failing.Bear in mind though it could be caused by something else including the slave cylinder in the clutch assembly.
My S60R wouldnt go around a corner at low speed without the engine cutting out then in then out then in.This was accompanied by the EM light flashing on the dash too.Also,on the odd occasion,It felt like the ABS was cutting in on the osf wheel.Very,very strange but since the clutch,slave and flywheel were changed everything has returned to normal.
In my humble opinion these cars are OVER-sensored and an `electrical` problem could be caused by something else in the driveline.You dont say the mileage on your car but if it is high it could well be the slave starting to break down.
Hope I`m wrong but EVERYTHING on these cars is connected and everything needs to be working A OK.
Good luck
Steve
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