Trustly Group AB is receiving a warning and must pay an administrative fine of SEK 130 million. The company is also ordered to address certain deficiencies.
Finansinspektionen's (FI) investigation shows that Trustly has not complied with central parts of the anti-money laundering regulatory framework. The company has demonstrated deficiencies in its risk assessment, risk assessment of customers, procedures and guidelines for customer due diligence, customer due diligence measures and its monitoring of customers. The deficiencies, which are severe, were found in Trustly's largest business area, the gambling industry, which is associated with a high risk of money laundering and terrorist financing. As a result, the risk that it has been possible to use Trustly and the financial system for money laundering and terrorist financing has increased
The deficiencies have been of such a nature that FI assesses there to be grounds on which to intervene against Trustly. Trustly has stated that it has taken and plans to continue taking measures to address all deficiencies. FI currently has no cause to assume anything other than that the violations observed during the investigation will not be repeated. It is therefore sufficient in this part to issue the company a warning and an administrative fine of SEK 130 million.
FI also makes the assessment that Trustly has not correctly identified who is a customer of the company as required under the Anti-Money Laundering Act. As a result, the company failed to include a large portion of its customers in its measures to prevent money laundering and terrorist financing. Trustly is therefore ordered to address these deficiencies.