New act to impede use of alternative payment systems by criminals

The Riksdag voted in favour of the Government’s proposal for a new act on currency exchange, as well as legislative amendments.  

Currency exchange means professional trade in foreign notes and coins as well as traveller’s cheques issued in foreign currencies. The Government’s legislative proposal means that currency exchange, payment services and the issue of electronic money will be covered by a licence requirement instead of a registration requirement. This facilitates the Swedish Financial Supervisory Authority’s task of monitoring activities. Exceptions are made for natural and legal persons that provide payment services in the form of account information services. These will, however, be covered by the Anti-Money Laundering Act.

The background is that currency exchange and money transfer are assessed to have a central function in criminal networks’ reinvestments in criminal activities and money laundering from crime.

The amendments will come into force on 1 July 2025.