{ "jurisdiction_id": "SE", "jurisdiction": "Sweden", "url": "https://payments.gi/jurisdictions/sweden/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 75, "source_register": 114 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/sweden/#w1a-licensing-authorisation-market-access", "standing_position": "Sweden operates under EU PSD2/EMD2 pending PSD3/PSR transposition; Getswish/Swish now under direct FI clearing-company supervision; Get betal's PI authorisation withdrawn Jan 2026; PSD3/PSR approved for national-representative sign-off April 2026, eliminating the standalone EMI regime.", "findings": [ { "finding": null, "instrument_type": "Payment Services Act (2010:751)", "source": "https://www.fi.se/en/payments/apply-for-authorisation/payment-services/", "source_url": "https://www.fi.se/en/payments/apply-for-authorisation/payment-services/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Electronic Money Act (2011:755)", "source": "https://www.fi.se/en/payments/apply-for-authorisation/electronic-money/", "source_url": "https://www.fi.se/en/payments/apply-for-authorisation/electronic-money/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Banking and Financing Business Act (2004:297)", "source": "https://practiceguides.chambers.com/practice-guides/financial-services-regulation-2025/sweden", "source_url": "https://practiceguides.chambers.com/practice-guides/financial-services-regulation-2025/sweden", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "EMI licensing route", "source": "https://ifbusiness.uk/how-to-obtain-an-emi-license-in-sweden-2025-requirements-costs-advantages/", "source_url": "https://practiceguides.chambers.com/practice-guides/financial-services-regulation-2025/sweden", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Proposition 2025/26:42", "source": "https://sweden.dlapiper.com/en/news/swedish-government-proposes-criminalisation-unauthorised-financial-activities", "source_url": "https://practiceguides.chambers.com/practice-guides/financial-services-regulation-2025/sweden", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Enforcement / authorisation withdrawal", "source": "https://www.fi.se/en/published/sanctions/financial-firms/", "source_url": "https://practiceguides.chambers.com/practice-guides/financial-services-regulation-2025/sweden", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/sweden/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Safeguarding of client funds is a mandatory business-plan element for PIs/EMIs under FI's FFFS 2010:3/2018:4/2011:49 regulatory code. Conduct rules extend to online payment-method display (2020 amendment to the Payment Services Act) and, from 2026, a full credit-payment ban in gambling enforced jointly by Spelinspektionen and FI.", "findings": [ { "finding": null, "instrument_type": "Safeguarding requirement", "source": "https://advapay.eu/emoney-and-payment-institution-licensing/payment-and-e-money-institution-license-in-sweden/", "source_url": "https://advapay.eu/emoney-and-payment-institution-licensing/payment-and-e-money-institution-license-in-sweden/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Payment Services Act (2010:751) 2020 amendment", "source": "https://www.twobirds.com/en/trending-topics/buy-now-pay-later-regulatory-tracker/sweden", "source_url": "https://www.fi.se/en/published/sanctions/financial-firms/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Gambling Act credit-payment ban", "source": "https://igamingexpert.com/regions/europe/sweden-credit-ban-2026/", "source_url": "https://www.twobirds.com/en/trending-topics/buy-now-pay-later-regulatory-tracker/sweden", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Business-plan conduct requirements", "source": "https://advapay.eu/emoney-and-payment-institution-licensing/payment-and-e-money-institution-license-in-sweden/", "source_url": "https://www.twobirds.com/en/trending-topics/buy-now-pay-later-regulatory-tracker/sweden", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Conduct enforcement", "source": "https://www.fi.se/en/published/sanctions/financial-firms/", "source_url": "https://www.twobirds.com/en/trending-topics/buy-now-pay-later-regulatory-tracker/sweden", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/sweden/#w2-stablecoins-digital-money", "standing_position": "Sweden implements MiCA in full via FI as the single national competent authority, having amended the Currency Exchange and Other Financial Activities Act so crypto-asset services fall exclusively under MiCA/FI. FI granted Sweden's first full CASP licence to Safello in October 2025; legacy registrants have a transition window running to 30 June 2026.", "findings": [ { "finding": null, "instrument_type": "MiCA (EU) 2023/1114", "source": "https://erislaw.se/artiklar/authorization-permits-for-crypto-asset-service-providers-in-sweden-understanding-the-role-of-finansinspektionen-under-mica/", "source_url": "https://erislaw.se/artiklar/authorization-permits-for-crypto-asset-service-providers-in-sweden-understanding-the-role-of-finansinspektionen-under-mica/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "CASP authorisation", "source": "https://fintechnordics.com/9103/fintechsweden/6-fintech-startups-from-sweden-to-follow/", "source_url": "https://copla.com/blog/compliance-regulations/mica-regulation-in-sweden-licensing-implementation-and-what-crypto-firms-need-to-know/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Currency Exchange and Other Financial Activities Act (1996:1006) amendment", "source": "https://copla.com/blog/compliance-regulations/mica-regulation-in-sweden-licensing-implementation-and-what-crypto-firms-need-to-know/", "source_url": "https://en.wikipedia.org/wiki/Klarna", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "MiCA EMT/ART treatment", "source": "https://practiceguides.chambers.com/practice-guides/financial-services-regulation-2025/sweden", "source_url": "https://en.wikipedia.org/wiki/Klarna", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Private stablecoin product", "source": "https://en.wikipedia.org/wiki/Klarna", "source_url": "https://en.wikipedia.org/wiki/Klarna", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/sweden/#w3-operational-resilience-critical-infrastructure", "standing_position": "DORA has applied since 17 January 2025 with FI designated the competent supervisory authority for financial-entity compliance and the Riksbank responsible for threat-led penetration testing (TLPT) of firms FI selects. FI has also directly ordered the three largest banks to remediate payments-infrastructure deficiencies by December 2026.", "findings": [ { "finding": null, "instrument_type": "DORA (EU) 2022/2554 - national designation", "source": "https://www.dlapiper.com/en-us/insights/publications/2025/02/application-of-the-digital-operational-resilience-act---dora", "source_url": "https://www.dlapiper.com/en-us/insights/publications/2025/02/application-of-the-digital-operational-resilience-act---dora", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "DORA (EU) 2022/2554", "source": "https://www.eiopa.europa.eu/digital-operational-resilience-act-dora_en", "source_url": "https://www.fi.se/en/result/?catid=25&page=8", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Supervisory order", "source": "https://www.fi.se/en/result/?catid=25&page=8", "source_url": "https://www.fi.se/en/result/?catid=25&page=8", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "IMF FSAP technical note", "source": "https://www.elibrary.imf.org/view/journals/002/2023/136/article-A001-en.xml", "source_url": "https://www.fi.se/en/result/?catid=25&page=8", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "National cybersecurity law", "source": "https://opticos.se/viewpoint/dora-one-year-later/", "source_url": "https://www.fi.se/en/result/?catid=25&page=8", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/sweden/#w4-scheme-network-compliance", "standing_position": "Card-scheme rules (Visa/Mastercard, PCI DSS) apply to Swedish acquirers/issuers under the EU interchange fee cap framework introduced from 2015, alongside the domestic instant-payment scheme layer (Swish/Bankgirot/RIX-INST) which is undergoing a multi-year ISO 20022 modernisation with Bankgirot's core services scheduled to be retired after 2026.", "findings": [ { "finding": null, "instrument_type": "EU interchange fee regulation", "source": "https://www.riksbank.se/globalassets/media/rapporter/staff-memo/engelska/2024/banks-costs-for-providing-payment-services.pdf", "source_url": "https://www.riksbank.se/globalassets/media/rapporter/staff-memo/engelska/2024/banks-costs-for-providing-payment-services.pdf", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Instant payment scheme migration", "source": "https://www.atlar.com/guides/bank-payments-in-sweden", "source_url": "https://www.transfi.com/blog/swedens-payment-rails-how-they-work---swish-bankgirot-the-cashless-society", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Scheme modernisation", "source": "https://www.transfi.com/blog/swedens-payment-rails-how-they-work---swish-bankgirot-the-cashless-society", "source_url": "https://www.transfi.com/blog/swedens-payment-rails-how-they-work---swish-bankgirot-the-cashless-society", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Mastercard SDP / PCI DSS", "source": "https://www.mastercard.us/content/dam/public/mastercardcom/na/global-site/documents/SPME-Manual.pdf", "source_url": "https://www.transfi.com/blog/swedens-payment-rails-how-they-work---swish-bankgirot-the-cashless-society", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "P27 clearing licence withdrawal", "source": "https://www.atlar.com/guides/bank-payments-in-sweden", "source_url": "https://www.transfi.com/blog/swedens-payment-rails-how-they-work---swish-bankgirot-the-cashless-society", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/sweden/#w5-payment-corridor-dynamics", "standing_position": "Sweden's cross-border corridor infrastructure runs through SWIFT-based correspondent banking for non-EEA flows and, since February 2024, direct RIX-INST connectivity to the Eurosystem's TIPS platform for euro/krona instant settlement, with a further Nordic instant cross-currency (NOLO) layer emerging via the Nordic Payments Council.", "findings": [ { "finding": null, "instrument_type": "TIPS cross-border connectivity", "source": "https://www.lightspark.com/knowledge/instant-payments-sweden", "source_url": "https://www.lightspark.com/knowledge/instant-payments-sweden", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "SWIFT gpi correspondent banking", "source": "https://www.riksbank.se/globalassets/media/rapporter/pov/artiklar/engelska/2022/221216/2022_2-cross-border-payments-in-the-spotlight.pdf", "source_url": "https://www.tietoevry.com/en/blog/2026/04/swedens-instant-payments-wake-up-call/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "NOLO cross-border instant scheme", "source": "https://www.tietoevry.com/en/blog/2026/04/swedens-instant-payments-wake-up-call/", "source_url": "https://www.tietoevry.com/en/blog/2026/04/swedens-instant-payments-wake-up-call/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Cross-border fee structure", "source": "https://www.riksbank.se/globalassets/media/rapporter/staff-memo/svenska/2025/cross-border-payments-offered-by-the-large-swedish-banks.pdf", "source_url": "https://www.tietoevry.com/en/blog/2026/04/swedens-instant-payments-wake-up-call/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Nordic clearing restructuring", "source": "https://www.atlar.com/guides/bank-payments-in-sweden", "source_url": "https://www.tietoevry.com/en/blog/2026/04/swedens-instant-payments-wake-up-call/", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/sweden/#w6-industry-structure-commercial-dynamics", "standing_position": "Sweden's payments market blends a concentrated Big-6-bank clearing/settlement core (Bankgirot ownership, Swish governance) with a globally significant fintech layer (Klarna, Trustly, Northmill, Tink) that has produced Europe's largest listed private fintech IPO and continues to expand distribution partnerships and B2B lending books.", "findings": [ { "finding": null, "instrument_type": "Market structure - Swish", "source": "https://en.wikipedia.org/wiki/Swish_(payment)", "source_url": "https://en.wikipedia.org/wiki/Klarna", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Market structure - fintech IPO", "source": "https://en.wikipedia.org/wiki/Klarna", "source_url": "https://en.wikipedia.org/wiki/Swish_(payment)", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Market structure - challenger banks", "source": "https://fintechnordics.com/9103/fintechsweden/6-fintech-startups-from-sweden-to-follow/", "source_url": "https://en.wikipedia.org/wiki/Swish_(payment)", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Sector scale", "source": "https://fintechnordics.com/9103/fintechsweden/6-fintech-startups-from-sweden-to-follow/", "source_url": "https://en.wikipedia.org/wiki/Swish_(payment)", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Private-company signal - Trustly", "source": "https://ibsintelligence.com/ibsi-news/top-5-fintech-companies-leading-the-swedish-market/", "source_url": "https://en.wikipedia.org/wiki/Swish_(payment)", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/sweden/#w7-legal-litigation", "standing_position": "Sweden's payments-adjacent enforcement docket is dominated by FI's AML sanctions programme against banks and payment institutions, alongside a landmark competition-law win for Klarna against Google in July 2026. The 2025/26:42 criminalisation bill is a live legislative-litigation-adjacent development, moving unauthorised-activity cases from purely administrative to potential criminal jurisdiction.", "findings": [ { "finding": null, "instrument_type": "Antitrust litigation", "source": "https://en.wikipedia.org/wiki/Klarna", "source_url": "https://en.wikipedia.org/wiki/Klarna", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "AML enforcement - Klarna Bank", "source": "https://www.fi.se/en/bank/money-laundering/sanctions-against-a-firm-under-fis-supervision/", "source_url": "https://www.fi.se/en/bank/money-laundering/sanctions-against-a-firm-under-fis-supervision/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "AML enforcement - Ikano/Norion", "source": "https://www.fi.se/en/published/sanctions/financial-firms/", "source_url": "https://www.fi.se/en/bank/money-laundering/sanctions-against-a-firm-under-fis-supervision/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "AML enforcement history - SEB", "source": "https://en.wikipedia.org/wiki/Financial_Supervisory_Authority_(Sweden)", "source_url": "https://www.fi.se/en/bank/money-laundering/sanctions-against-a-firm-under-fis-supervision/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "AML enforcement history - Swedbank", "source": "https://ripjar.com/blog/aml-regulations-in-sweden-an-overview/", "source_url": "https://www.fi.se/en/bank/money-laundering/sanctions-against-a-firm-under-fis-supervision/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Pending criminal-liability bill", "source": "https://sweden.dlapiper.com/en/news/swedish-government-proposes-criminalisation-unauthorised-financial-activities", "source_url": "https://www.fi.se/en/bank/money-laundering/sanctions-against-a-firm-under-fis-supervision/", "source_tier": "2", "retrieved_at": "2026-07-04" } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/sweden/#w8-merchant-acquiring-risk", "standing_position": "No bespoke Swedish merchant-acquiring statute exists beyond the general EU/PSD2 payment-services and interchange framework; acquiring risk and high-risk-merchant treatment in Sweden run on the standard Visa/Mastercard scheme risk-monitoring programmes (VDMP/VFMP, ECM/EFM) plus PCI DSS, layered onto Swish's own merchant fee schedule and the 2026 gambling credit-payment ban.", "findings": [ { "finding": null, "instrument_type": "Merchant fee schedule - Swish", "source": "https://www.lightspark.com/knowledge/instant-payments-sweden", "source_url": "https://www.lightspark.com/knowledge/instant-payments-sweden", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "High-risk-merchant (gambling) treatment", "source": "https://igamingexpert.com/regions/europe/sweden-credit-ban-2026/", "source_url": "https://www.lightspark.com/knowledge/instant-payments-sweden", "source_tier": "3", "retrieved_at": "2026-07-04" } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/sweden/#w9-product-innovation-market-development", "standing_position": "Sweden hosts one of the world's longest-running CBDC research programmes (e-krona, since 2017) alongside RIX-INST-based instant payments, open-banking/Pay-by-Bank innovation (Tink), and Klarna's Tap to Pay and KlarnaUSD stablecoin launches. A 2023 government inquiry recommended a Riksbank e-krona mandate, but legislative change and an issuance decision remain pending as of the Riksbank's Payments Report 2026.", "findings": [ { "finding": null, "instrument_type": "e-krona CBDC", "source": "https://cbdc.wiki/cbdc/sweden-ekrona", "source_url": "https://cbdc.wiki/cbdc/sweden-ekrona", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "e-krona CBDC - 2026 update", "source": "https://www.riksbank.se/en-gb/payments--cash/e-krona/", "source_url": "https://finovate.com/finovate-global-sweden-tap-to-pay-pay-by-bank-and-investments-in-nordic-fintech/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Open banking / Pay by Bank", "source": "https://finovate.com/finovate-global-sweden-tap-to-pay-pay-by-bank-and-investments-in-nordic-fintech/", "source_url": "https://finovate.com/finovate-global-sweden-tap-to-pay-pay-by-bank-and-investments-in-nordic-fintech/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Product launch - Tap to Pay", "source": "https://finovate.com/finovate-global-sweden-tap-to-pay-pay-by-bank-and-investments-in-nordic-fintech/", "source_url": "https://finovate.com/finovate-global-sweden-tap-to-pay-pay-by-bank-and-investments-in-nordic-fintech/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Cross-border/private infrastructure upgrade", "source": "https://www.riksbank.se/globalassets/media/rapporter/betalningsrapport/2025/engelsk/payments-report-2025.pdf", "source_url": "https://finovate.com/finovate-global-sweden-tap-to-pay-pay-by-bank-and-investments-in-nordic-fintech/", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/sweden/#w10-consumer-protection-app-fraud", "standing_position": "Sweden faces an acute APP/impersonation fraud problem centred on Swish and BankID, with a 2022 Supreme Court ruling capping consumer liability at SEK 12,000 in bank-impersonation cases and a May 2024 bank-industry fraud package (transaction monitoring, delays, limits, service exclusion) implemented alongside FI recommendations. PSD3/PSR's expanded APP-fraud reimbursement regime is expected to reinforce this domestic baseline once transposed.", "findings": [ { "finding": null, "instrument_type": "Supreme Court liability ruling", "source": "https://www.biocatch.com/blog/impersonation-scams-sweden-takes-action", "source_url": "https://www.biocatch.com/blog/impersonation-scams-sweden-takes-action", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Industry fraud-prevention package", "source": "https://www.riksbank.se/en-gb/payments--cash/payments-in-sweden/payments-report-2025/safety-efficiency-and-accessibility/are-payments-in-sweden-safe/fraud-remains-a-major-problem/", "source_url": "https://www.riksbank.se/en-gb/payments--cash/payments-in-sweden/payments-report-2025/safety-efficiency-and-accessibility/are-payments-in-sweden-safe/fraud-remains-a-major-problem/", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Fraud scale", "source": "https://www.biocatch.com/blog/impersonation-scams-sweden-takes-action", "source_url": "https://www.riksbank.se/en-gb/payments--cash/payments-in-sweden/payments-report-2025/safety-efficiency-and-accessibility/are-payments-in-sweden-safe/fraud-remains-a-major-problem/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Authentication hardening", "source": "https://www.biocatch.com/blog/impersonation-scams-sweden-takes-action", "source_url": "https://www.riksbank.se/en-gb/payments--cash/payments-in-sweden/payments-report-2025/safety-efficiency-and-accessibility/are-payments-in-sweden-safe/fraud-remains-a-major-problem/", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "PSD3/PSR forthcoming reimbursement regime", "source": "https://www.sza.de/en/thinktank/psd3-psr-eu-payment-services-regulation", "source_url": "https://www.riksbank.se/en-gb/payments--cash/payments-in-sweden/payments-report-2025/safety-efficiency-and-accessibility/are-payments-in-sweden-safe/fraud-remains-a-major-problem/", "source_tier": "2", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Consumer protection supervisory authority", "source": "https://en.wikipedia.org/wiki/Consumer_Agency_(Sweden)", "source_url": "https://www.riksbank.se/en-gb/payments--cash/payments-in-sweden/payments-report-2025/safety-efficiency-and-accessibility/are-payments-in-sweden-safe/fraud-remains-a-major-problem/", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/sweden/#w11-aml-cft-financial-crime", "standing_position": "Sentinel.gi payments-context position: Sweden's AML/CFT posture is anchored on the Anti-Money Laundering and Terrorist Financing Prevention Act (2017:630) with FI as lead supervisor, evidenced by a sustained and escalating enforcement track record against banks and payment/e-money institutions and by a national coordinating body linking FI, police FIU, and Security Service on money-transfer-sector risk.", "findings": [ { "finding": null, "instrument_type": "Historical AML enforcement scale", "source": "sentinel.wikipedia.se-fsa", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Sweden operates under the AML/CFT Act (2017:630), supervised by Finansinspektionen (FI), and is directly bound by EU AMLD/AMLR instruments and MiCA. FATF's 2017 MER found a strong legal regime undermined by weak inter-agency coordination and TF-sanctions implementation gaps; both a 2018 and 2020 follow-up upgraded several ratings, leaving 3 Recommendations partially compliant.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Sweden", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: sourcing-thinness", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Sanctions: EU listing", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-002)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Enforcement: Swedish Supreme Court — Birgitte Bonnesen, former Swedbank CEO", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-003)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Enforcement: Swedish Coast Guard/Navy (with JEF partners) — Sanctioned Russian shadow-fleet oil tankers", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-005)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Gap: legal-gap", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: capacity-deficit", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/sweden/#w12-correspondent-banking-settlement-access", "standing_position": "Finansinspektionen has issued a formal remediation order against Sweden's three largest banks over payments-infrastructure deficiencies enabling financial crime, with cross-border regulatory coordination extending to Denmark and Finland.", "findings": [ { "finding": null, "instrument_type": "RIX settlement system", "source": "https://www.transfi.com/blog/swedens-payment-rails-how-they-work---swish-bankgirot-the-cashless-society", "source_url": "https://www.bis.org/cpmi/paysys/swedencomp.pdf", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Correspondent banking dependency", "source": "https://www.riksbank.se/globalassets/media/rapporter/pov/artiklar/engelska/2022/221216/2022_2-cross-border-payments-in-the-spotlight.pdf", "source_url": "https://www.elibrary.imf.org/view/journals/002/2023/136/article-A001-en.xml", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Legal-framework recommendation", "source": "https://www.elibrary.imf.org/view/journals/002/2023/136/article-A001-en.xml", "source_url": "https://www.elibrary.imf.org/view/journals/002/2023/136/article-A001-en.xml", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Riksbank Act settlement mandate", "source": "https://www.bis.org/cpmi/paysys/swedencomp.pdf", "source_url": "https://www.elibrary.imf.org/view/journals/002/2023/136/article-A001-en.xml", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "Cross-border CBDC settlement pilot", "source": "https://www.riksbank.se/en-gb/press-and-published/notices-and-press-releases/press-releases/2022/the-riksbank-tests-cross-border-payments-with-the-e-krona/", "source_url": "https://www.elibrary.imf.org/view/journals/002/2023/136/article-A001-en.xml", "source_tier": "1", "retrieved_at": "2026-07-04" } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/sweden/#w13-commercial-intelligence-fintech", "standing_position": "The trailing-12-month window is dominated by Klarna's NYSE IPO and subsequent stablecoin/product launches, Safello's first Swedish MiCA CASP licence, and continued FI enforcement-driven exits (authorisation withdrawals) from the payments-institution population.", "findings": [ { "finding": null, "instrument_type": "commercial_event: IPO", "source": "https://en.wikipedia.org/wiki/Klarna", "source_url": "https://en.wikipedia.org/wiki/Klarna", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event: product launch", "source": "https://en.wikipedia.org/wiki/Klarna", "source_url": "https://en.wikipedia.org/wiki/Klarna", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event: licence grant", "source": "https://fintechnordics.com/9103/fintechsweden/6-fintech-startups-from-sweden-to-follow/", "source_url": "https://en.wikipedia.org/wiki/Klarna", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event: authorisation withdrawal", "source": "https://www.fi.se/en/published/sanctions/financial-firms/", "source_url": "https://en.wikipedia.org/wiki/Klarna", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event: authorisation withdrawal", "source": "https://www.fi.se/en/published/sanctions/financial-firms/", "source_url": "https://en.wikipedia.org/wiki/Klarna", "source_tier": "1", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event: litigation award", "source": "https://en.wikipedia.org/wiki/Klarna", "source_url": "https://en.wikipedia.org/wiki/Klarna", "source_tier": "3", "retrieved_at": "2026-07-04" }, { "finding": null, "instrument_type": "commercial_event: growth metrics", "source": "https://fintechnordics.com/9103/fintechsweden/6-fintech-startups-from-sweden-to-follow/", "source_url": "https://en.wikipedia.org/wiki/Klarna", "source_tier": "3", "retrieved_at": "2026-07-04" } ] } ] }