Sweden

New Documents

Sweden FSA Announces New Sanctions on Russia

Sweden’s financial supervisory authority, Finansinspektionen, announced new sanctions against Russian actors involved in the invasion of Ukraine.

March 11, 2022

Sweden Regulator Underlines Priority Areas for 2022

Finansinspektionen, the Financial Supervisory Authority of Sweden, outlined its priority areas of focus for 2022, highlighting that it will apply a risk-based approach to supervision that ensures the most focus remains on areas with the largest risks.

February 14, 2022

FSA Director Delivers Remarks on Crypto-Asset Challenges

January 21, 2022

Sweden Regulator Implements New Reporting Questions on Cross-Border Transactions, High-Risk Countries

December 13, 2021

Council of Europe Releases Corruption Report on Sweden

November 24, 2021

News

Midweek Roundup: Western Nations Impose Sanctions on Russia and Nord Stream 2, Records Show ‘Inside Job’ at Danske Bank Estonia, and More

U.K. fines digital payment processor, U.S. judge suspends ex-Goldman Sachs banker’s trial, and more, in the midweek roundup.

February 23, 2022

Midweek Roundup: Former Swedbank CEO Faces Criminal Charges, NatWest’s Problems Grow, and More

UAE faces FATF gray-listing, Japanese lenders boost monitoring of global trade, and more, in the midweek roundup.

January 5, 2022

Sweden Censures Danske Bank for Risk Assessment Failures

October 20, 2021

Weekly Roundup: FinCEN Flags Jump in Child Pornography Payments, Britain Tackles ‘Problem Gambling’ with AML, and More

September 17, 2021

Midweek Roundup: DFS Reminds Cryptocurrency of AML Rules, Indicted Compliance Officer’s Work History Aligns with Prior Violations, and More

June 9, 2021

Enforcement Actions

Sweden Regulator Fines ClearOn AB SEK 14 Million for AML/CTF Deficiencies

Finansinspektionen, Sweden’s financial supervisory authority, imposed a SEK 14 million penalty and issued an administrative warning to the Stockholm, Sweden-based payment institution for anti-money laundering and counterterrorist financing deficiencies.

March 14, 2022

Sweden Regulator Fines Trustly Group AB SEK 130 Million for AML/CTF Deficiencies

Sweden’s financial supervisory authority, Finansinspektionen, imposed an administrative fine of SEK 130 million and issued a warning to the Stockholm, Sweden-based payment services company for its regulatory deficiencies.

February 23, 2022

Financial Supervisory Authority Orders Swedish Subsidiary of Danske Bank A/S to Address AML/CTF Deficiencies

October 20, 2021

Nasdaq Stockholm Orders Swedbank to Pay SEK 46.6 Million for AML Shortcomings

May 5, 2021

Swedish Regulator Fines Skandinaviska Enskilda Banken AB SEK 1 Billion for AML Deficiencies

June 25, 2020

Key Documents

Sweden Implements Third EU Money Laundering Directive into Law

February 24, 2009

Sweden's Regulator Amends AML Regulations

July 8, 2010

Sweden Outlines Forfeiture Procedures for Proceeds of Crimes

July 1, 2005

Sweden Enacts Law for International Cooperation in Criminal Matters

June 9, 2005

Important Facts

  • The U.S. State Department labels Sweden as a monitored jurisdiction. Sweden is not a regional financial center. Money laundering in Sweden generally occurs either through individuals or corporations that use the financial system to turn over illicit funds. Money laundering is further facilitated by criminals having contacts or acquaintances within, or influence over, corporations and actors within the financial system. Laundered money originates from sales of narcotics, tax fraud, economic crimes, robbery and organized crime. Money laundering is concentrated primarily in large urban regions, such as Stockholm, and is frequently conducted over the Internet, utilizing international money transfer services, gaming sites, and narcotics and illicit chemical vending sites. Organized crime is a growing concern in Sweden, but public corruption is not an issue. Sweden does not have an offshore financial center. The country does not provide offshore banking and does not readily attract foreign criminal proceeds because it does not have favorable banking regulations.
  • KYC covered entities: Banks; insurance companies; securities firms; currency exchange houses, providers of electronic money, and money transfer companies; accounting firms; law firms and tax counselors; casinos, gaming entities, and lottery ticket sales outlets; dealers of vehicles, art, antiques and jewelry; and real estate brokers
  • STR covered entities: Accountants; tax advisors; lawyers; real estate agents; casinos; banks; life insurance companies and insurance brokers; securities and fund companies; issuers of electronic money; and dealers of high-value goods
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: Yes
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: N/A
-Source: 2015 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 14 High : 1
Largely Compliant : 23 Substantial : 4
Partially Compliant : 3 Moderate : 6
Non-Compliant : 0 Low : 0

Sweden's technical compliance was re-rated in a Oct. 2, 2020 follow-up report

BASEL i

Rank : 134/141
Score : 3.32/10

TRANSPARENCY INTERNATIONAL i

Rank : 4/180
Score : 85/100

Tax Justice Network i

Rank : 64/133
Score : 46/100