Abuse of payment systems to be combated
Published:
The Government has proposed measures to counteract the abuse of payment systems by criminal networks. The Riksdag has voted in favour of the proposal.
The proposal requires clearing companies, i.e. the companies that transfer payments between banks, to be obliged to
- monitor transactions
- provide information about suspicious transactions to banks
- report suspected money laundering or terrorist financing to the Police Authority
The proposal also means that Finansinspektionen, the Swedish Financial Supervisory Authority, will have greater opportunities to examine the suitability of representatives in Sweden who offer payment services for foreign companies. The activities of these payment service providers may for example involve the transfer of money through alternative payment systems, known as hawala operations. Transactions made in this way have a lower degree of traceability and can be abused by criminal networks. In Sweden, there are approx. 1,200 such providers.
The amendment will come into force on 1 July 2025.