Financial Crime World

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Regulatory Compliance in Fintech: Priorities for 2024 in Sweden

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Financial services firms operating in Sweden must prioritize regulatory compliance to capitalize on untapped opportunities in the fintech sector. Recent market events have heightened regulatory and supervisory focused priorities, including prudential developments and resolution and recovery.

Focus Areas for Compliance

To succeed in a tumultuous yet opportunistic regulatory environment, firms must focus on both event-driven and existing regulations. Key priorities include:

  • Consumer impact
  • ESG (Environmental, Social, and Governance)
  • Digital assets
  • Digitalization of finance
  • AI (Artificial Intelligence)
  • Financial crime
  • Operational resilience

To navigate the rapidly evolving regulatory landscape, firms will need to:

  • Engage proactively with regulators on new prudential developments
  • Focus on resolution and recovery strategies
  • Establish a governance framework for digitalization and AI adoption
  • Develop a digital asset strategy
  • Continue to manage ESG risks through an institution-wide approach
  • Shift their mindset to consumer impact
  • Maintain vigilance in combating financial crime and fraud
  • Strengthen operational resilience

Regulatory Focus in Sweden

In Sweden, regulators are taking a proactive view of products, pricing, and the overall impact on consumers. Firms must commit to making a greater commitment to understanding the implications of implementing new products and services. The fintech sector offers an opportunity to explore alternative marketing channels such as social media through the consumer-impact lens.

Cyber Resilience

Regulators will continue to focus on enforcing requirements that improve cyber resilience across the financial sector, reviewing weakness and remediation plans, pursuing breaches, sharing insights, and issuing industry-wide guidance. Firms must determine their risk appetite, consider a variety of scenarios, and adapt their processes accordingly.

Priorities for 2024

In 2024, fintech firms operating in Sweden will need to prioritize:

  • People: Develop a skilled workforce that understands regulatory requirements
  • Processes: Implement efficient and effective operational procedures
  • Data: Manage data securely and accurately
  • Technology: Leverage technology to improve compliance and risk management

By focusing on these priorities, firms can capitalize on opportunities while minimizing risks.