Background & Purpose
Criminal networks often abuse the financial system for illegal money transfers, making it necessary to increase control and transparency over payment flows in Sweden.
Proposals & Debate
The government proposed making clearing companies responsible for monitoring transactions, reporting suspicious activities to the police, and giving financial authorities stronger powers to check payment agents operating alternative systems like hawala.
The Decision
The Swedish parliament approved the government's proposal, introducing stricter regulations to prevent criminal networks from exploiting financial networks.
Does this affect you?
- Payment agents: Must undergo stricter vetting of their suitability to operate payment services for foreign companies in Sweden.
- Clearing companies: Must implement monitoring systems to detect and report suspicious financial transactions.
- Banks: Will receive crucial information from clearing companies regarding suspicious financial transactions.
In Practice
- Clearing companies must actively monitor transactions between banks.
- Suspicious transactions linked to money laundering or terrorism financing must be reported directly to the police.
- The financial supervisory authority gets broader powers to vet payment agents, including those handling alternative systems like hawala.