FI has updated the instructions and FAQs about the periodic reporting firms under Finansinspektionen’s supervision are required to file according to the Anti-Money Laundering Act.
The following is a summary of the year by Director General Erik Thedéen that is included as the introduction to the annual report.
Finansinspektionen publishes the capital requirements of the ten largest Swedish banks and credit institutions as of the end of the fourth quarter 2017.
Anders Kvist has been named a Senior Advisor to FI’s Director General.
FI has translated into English its educational videos about efforts to combat money laundering and terrorist financing.
“The Swedish banking sector is profitable and has satisfactory resilience, but it is clearly undergoing a major transformation,” said Martin Noréus in a speech at SvD Bank Summit in Stockholm.
The Swedish Ministry of Finance, the Riksbank, Finansinspektionen (the Swedish Financial Supervisory Authority) and the Swedish National Debt Office in its role as resolution authority, have produced, together with their equivalents in Denmark, Estonia, Finland, Iceland, Latvia, Lithuania and Norway a new Memorandum of Understanding on cooperation and coordination on cross-border financial stability.
Finansinspektionen is responsible for macroprudential policy in Sweden, which includes both promoting financial stability and counteracting financial imbalances. We are also tasked with promoting a high level of consumer protection on the financial markets. One of the reasons that we have been given the responsibility for macroprudential policy is that financial crises have proven themselves to be very expensive.
Finansinspektionen (FI) decided on 29 January not to change the countercyclical buffer rate. The buffer rate of two per cent, which has applied since 19 March 2017, shall thus continue to apply. The countercyclical buffer guide is set at 0 per cent.
A firm shall review transactions in order to detect transactions and other activities that could be suspected to form an element of money laundering or terrorist financing.
The firm must possess solid knowledge about its customers and their affairs so as to make it more difficult for the business to be used for, and to prevent, money laundering or terrorist financing.
A firm’s employees shall receive training to provide them with sufficient knowledge to follow the firm’s anti-money laundering procedures and guidelines.
A firm shall have in place procedures and guidelines in terms of measures for customer due diligence, monitoring, reporting and processing of personal data.