The Swedish Financial Supervisory Authority has published guidance for banks on balancing access to basic banking services with requirements to prevent money laundering. The questions and answers address when banks may refuse or close accounts and how to manage risks without unnecessarily excluding customers from the financial system. The guidance focuses primarily on banks’ obligations to consumers but also covers other customers. Examples illustrate how consumers’ right to a payment account interacts with money laundering requirements. The material also addresses customer due diligence and situations involving asylum seekers, civil society organizations and embassy staff. The authority will expand the guidance with additional questions and answers over time. It also plans to invite industry participants to a roundtable in November to discuss access to basic banking services.
Swedish Financial Supervisory Authority issues guidance on payment account access and money laundering controls
The Swedish Financial Supervisory Authority has issued guidance on reconciling payment account access with requirements to prevent money laundering, including when banks may refuse or close accounts. It primarily addresses obligations to consumers and explains how banks can manage risks without unnecessarily excluding customers. Further questions and answers will follow, alongside an industry roundtable on access to basic banking services in November.