Stricter requirements for certain registered payment service providers and currency exchangers
The government has decided to proceed with the proposal for licensing requirements for currency exchangers and registered payment service providers, with exemptions for providers which solely supply account information services.
The aim is to counteract abuse of alternative payment systems for money laundering or terrorist financing. Among other things, the proposal entails replacement of the the existing obligation to register for currency exchange and certain payment services with a licensing requirement. In terms of currency exchange, all such operations are covered by the proposed licence requirement, i.e. regardless of whether the exchange takes place through exchange of cash or not. Depending entirely on which operations are specified, the proposal will consequently mean that a licence will be required for credit institutions, institutions for electronic money or payment institutions.
The government's proposals are based on conclusions in the 2022 national risk assessment from the coordination function for measures against money laundering and terrorist financing, which stated that currency exchange and money transfers (particularly within the framework of the so-called hawala system) have a central function in relation to criminal networks' reinvestments in criminal activities when laundering the proceeds of crime.
The licence requirement for, for example, payment institutions, is considerably higher than that which applies for the existing obligation to register, including when it comes to capital requirement, operating rules and supervisory fees. The proposal would thereby have significant effects on the approximately 55 currency exchangers and 40 registered payment service providers, excluding providers which solely supply account information services, which currently conduct such operations that are affected by the proposal. In the bill, the government assumes that there will be more currency exchangers and registered payment service providers that will terminate their operations than will apply for a licence as a result of the increased requirements.
The proposal constitutes a critical choice for currency exchangers and registered payment service providers whose operations are affected. One alternative is to apply for a licence and thereby change the operation to the required extent in order to meet the higher requirements concomitant on the proposed licensing obligation. However, the alternative might appear burdensome for many operators. A less burdensome alternative might be to look for collaborative partners, where such is possible, to be able to register in the future as an agent for a payment institution.
The bill also proposes that suppliers of account information services, which will not be subject to licensing in the future either, shall be covered by the Anti-Money Laundering Act. This adjustment constitutes an adaptation to EU law.
It is proposed that the changes should enter into force on 1 July 2025. However, the companies that were registered with the Swedish Financial Supervisory Authority will be able to continue to conduct their operations until 31 December 2025. If a licence application has been submitted before 1 January 2026, the company can, however, continue to conduct its operation until processing of the application has been completed.
Lindahl continues to carefully follow developments. You are welcome to contact us if you have questions about how the proposal affects your business or how you should prepare yourself.

Do you want to know more? Contact:
Peter Kullgren
Partner | AdvokatAnna Wahlbom
Partner | AdvokatDennis Ullström
AssociateAdam Lindell
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