In addition, payment and e-money institutions are subject to the Anti-Money Laundering and Terrorism Financing Act (2017:630) (“AML Act”) implementing the EU Anti-Money Laundering Directive (AMLD). An entity issuing electronic money exceeding EUR 5 million on average or the equivalent is required to have authorisation to conduct operations, and the entity is considered an institution for electronic money.Īn entity issuing electronic money averaging less than EUR 5 million may apply to be exempt from the authorisation obligation and is then considered a “registered issuer”. Issuing electronic money requires authorisation in accordance with the Electronic Money Act (2011:755). A company that will have a turnover for payment services exceeding EUR 3 million per month must apply for authorisation and is considered by law to be a payment institution.Ī company with a turnover lower than this threshold may apply to be exempt from the authorisation obligation and is called a ‘registered payment service provider’. According to the Payment Services Act (2010:751), it is possible to apply for authorisation or exemption from the authorisation obligation. Providing payment services requires authorisation from FI. Finansinspektionen is accountable to the Ministry of Finance. Their role is to promote stability and efficiency in the financial system as well as to ensure an effective consumer protectionįinansinspektionen (FI) authorises, supervises and monitors all companies operating in Swedish financial markets. The Finansinspektionen is Sweden’s financial supervisory authority.
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