Natural and legal persons who would like to carry out currency trading on a large scale or other financial operations are considered to be financial institutions.
They must register their operations with FI pursuant to the Certain Financial Operations (Reporting Duty) Act (1996:1006). Those who, to a significant extent, fail in their obligations in their business operations or have been convicted of a serious criminal offence may not conduct operations which are subject to a registration obligation. FI registers the person who submitted the application if the operations are conducted in accordance with the Money Laundering and Terrorist Financing Prevention Act (2017:630) and regulations issued pursuant to the act and whether the requirements on owners and management are met.
The application does not need to be submitted by
FI only conducts supervision of the financial institutions' compliance with the anti-money laundering regulations, but conducts an ownership and management assessment in conjunction with the application (and thereafter annually). Changes in management or owners should be reported to FI.
A fee of SEK 35,000 for natural persons (SEK 46,000 for applications involving virtual currency) or SEK 46,000 for legal persons (SEK 65,000 for applications involving virtual currency) must be paid to FI. See the fact box for payment information.
FI also charges an annual supervision fee which is currently SEK 5,000 for natural persons and SEK 15,000 for legal persons.
FI will make a decision about the registration within 90 days provided that the application is complete and the fee is paid.
Do not pay the fee until you have received the administrator letter and reference number from FI.