Swedish Firms Urged to Report Suspected Money Laundering and Terrorism Financing Activity as New Guidelines Issued
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In an effort to boost transparency and combat financial crimes, Sweden’s Financial Supervisory Authority (Finansinspektionen) is sending out a letter and brochure to all firms under its supervision, emphasizing the importance of reporting suspected money laundering and terrorism financing activity. This move comes in response to concerns raised in recent national risk assessments regarding money laundering and terrorism financing.
Goal of the New Guidelines
The goal of the new guidelines is twofold:
- To provide concrete guidance on how to comply with the requirements
- To increase both the quality and number of suspicious transaction reports submitted to the Swedish financial intelligence unit
Risk Factors and Scenarios
The brochure, available in six languages, includes risk factors and hypothetical scenarios depicting different types of criminal activity. This aims to raise awareness among firms under supervision about the importance of reporting suspicious transactions.
Collaboration and Reach
The Coordination Supervisory Body, comprising governmental authorities representing various sectors, collaborated on developing the brochure and short videos (in Swedish and English) to reach a wider audience. In total, around 18,000 firms under supervision will receive the brochure.
Awareness and Improvement
Over the past year, the Coordination Supervisory Body has focused on raising awareness about the importance of reporting suspicious transactions and improving the quality of submitted reports. The need for greater knowledge about Anti-Money Laundering regulations has been highlighted in national risk assessments and the national strategy to combat money laundering and terrorism financing.
Ongoing Efforts
The brochure and guidelines are part of the Coordination Supervisory Body’s ongoing efforts to combat financial crimes. Finansinspektionen is urging all firms under its supervision to take note of their obligations and familiarize themselves with the new guidelines.
What You Need to Know
If you are subject to Finansinspektionen’s supervision, it is essential to be aware of the regulations and report suspicious transactions accordingly. The brochure and videos provide valuable information on how and what to report.
Remember: if you’re under Finansinspektionen’s supervision, it’s crucial to be aware of the regulations and report suspicious transactions accordingly.