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: Austrian Bank Sees Path Around Sanctions, FinCEN Advances Real Estate Rule, and More

German prosecutors move to seize €720 million, Binance offered French regulator a senior position, and more, in the weekly roundup.

December 20, 2023

Weekly Roundup: Binance Triggers Record AML Fine, ChatGPT Enters Rulemaking Forum, and More

FinCEN flags ERC fraud, France fines insurance firm, and more, in the weekly roundup.

November 22, 2023

Weekly Roundup: US Anti-Graft Unit Switches Targets, Credit Union Owner Gets Probation, and More

September 8, 2023

Midweek Roundup: OFAC Penalizes Swedbank, Emails Purportedly Link Hunter Biden to Satabank and Burisma, and More

June 21, 2023

European AML Enforcement Plateaued Last Year

May 5, 2023

Enforcement Actions

Sweden Regulator Fines Aros Kapital SEK 45 Million for AML, Other Deficiencies

Finansinspektionen, Sweden’s financial supervisory authority, issued a warning and an administrative fine of SEK 45 million against the Gothenburg, Sweden-based financial institution for anti-money laundering deficiencies and weaknesses in the company’s general risk assessment.

December 14, 2023

Sweden Regulator Orders My Change Scandinavia AB to Cease Operations Due to Systematic AML/CTF Failures

Finansinspektionen, Sweden’s financial supervisory authority, issued a cessation order to the Uppsala-based currency exchange service for failure to adhere to its anti-money laundering and counterterrorist financing obligations.

September 26, 2023

Sweden Regulator Fines Länsförsäkringar Bank SEK 90 Million for AML Deficiencies

December 14, 2022

Sweden Regulator Orders Moneygram International to Resolve AML/CTF Deficiencies

September 19, 2022

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

March 14, 2022

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