Trustly and ClearOn each receive a warning and an administrative fine

Trustly must pay an administrative fine of SEK 130 million and is ordered to address certain deficiencies. ClearOn must pay an administrative fine of SEK 14 million.

FI's Director General Erik Thedéen and Chief Legal Counsel Eric Leijonram will present the decisions today, Tuesday, 22 February, at 3:00 p.m.

The decisions have been published in their entirety at www.fi.se.

Press Conference

Time and date: Tuesday, 22 February, 3:00 PM
Place: Finansinspektionen, Brunnsgatan 3
The press conference is only open to representatives from the media but will be broadcast live at fi.se.

FI's investigation shows that Trustly has not complied with central parts of the anti-money laundering regulatory framework. The company has demonstrated deficiencies in its risk assessment, risk assessment of customers, procedures and guidelines for customer due diligence, customer due diligence measures and monitoring of customers. The deficiencies, which are severe, were found in Trustly's largest business area, the gambling industry, which is associated with a high risk of money laundering and terrorist financing. Trustly is therefore receiving a warning and must pay an administrative fine of SEK 130 million.

Furthermore, FI makes the assessment that Trustly has not correctly identified who is a customer of the company as required under the Anti-Money Laundering Act. As a result, the company failed to include a large portion of its customers in its measures to prevent money laundering and terrorist financing. Trustly is therefore ordered to address this deficiency.

"Trustly's role in the payment chain between the gambling industry and a large number of banks makes it possible for the company to see flows that are not available to other market participants. A company that has chosen fast and simple as its business concept in the gambling industry needs to be very thorough in its work to prevent money laundering. We have identified in our investigation that this has not been the case," says Director General, Erik Thedéen.

FI's investigation of the payment service company ClearOn identifies severe deficiencies in the company's work to prevent money laundering. ClearOn has had deficiencies in its risk assessment, risk assessment of customers, procedures and guidelines for customer due diligence and customer due diligence measures. Furthermore, ClearOn has not identified when a business relationship arises and thus has not taken sufficient measures to be able to manage the risk of money laundering that these business relationships imposed on the company. These deficiencies have also been severe, and ClearOn is therefore receiving a warning and must pay an administrative fine of SEK 14 million.

"Cash continues to be an important tool for criminals since it makes it more difficult to trace the money. It is very serious that ClearOn, which handles considerable amounts of cash, has not taken powerful measures to prevent the company from being used for money laundering," says Director General Erik Thedéen.

FI's Board of Directors decided on the sanctions on 22 February.