Zimpler receives a remark and an administrative fine

Zimpler AB (Zimpler or the company) is a payment institution with authorisation under the Payment Services Act (2010:751). The company offers, among other things, a payment initiation services that natural and legal persons can use when purchasing goods or services online from retailers that have integrated Zimpler’s payments services at checkout. The company also provides a service for outgoing payments for retailers and a service for account information that can be used by both retailers and their customers. The company also offers a currency exchange service for retailers.

Finansinspektionen has investigated Zimpler’s compliance with central provisions of the Anti-Money Laundering and Counter-Terrorist Financing Act (2017:630). The investigation shows that the company has been in violation of several of these provisions. In part, Zimpler’s risk assessment has not contained an assessment of how one of the company’s services could be used for money laundering or terrorist financing and the extent of this risk. The company also failed to assess the risk associated with a large number of its customers when establishing the customer relationship. For customers that have been risk-assessed, the company has not considered relevant customer risk factors that were identified in the general risk assessment. In terms of customer due diligence measures, the company has not requested information about the purpose and nature of the business relationship in all required situations.

The observed violations are such that there are grounds for Finansinspektionen to intervene against Zimpler. The violations are not so serious that there is cause to consider withdrawing the company’s authorisation or issuing the company a warning. Finansinspektionen is therefore issuing Zimpler a remark that, in order to be an adequate intervention, will be accompanied by an administrative fine of SEK 3 million.