The Swedish Financial Supervisory Authority published an update on legislative changes taking effect on 1 July 2025 that will introduce an authorisation requirement for currency exchange and for all payment services except account information services. Under the new framework, only payment institutions, electronic money institutions and credit institutions, as well as branches of equivalent foreign firms, will be permitted to carry out currency exchange. Providers that only offer account information services can continue as registered payment service providers, but they will be brought within the scope of Sweden’s Anti-Money Laundering and Terrorist Financing Act. The authority will also be able to impose administrative fines on firms that conduct currency exchange or payment-services activities without being entitled to do so. Registered currency exchangers and payment service providers that, before 1 July 2025, are registered or have been granted an exemption from authorisation may continue operating until 31 December 2025. If an application for authorisation is submitted to the authority before 1 January 2026, the firm may continue operating until a final decision is made; otherwise, the firm will be deregistered.
Finansinspektionen 2025-05-15
Swedish Financial Supervisory Authority details new licensing requirement for currency exchange and payment services from 1 July 2025
The Swedish Financial Supervisory Authority announced changes effective 1 July 2025, requiring authorisation for currency exchange and most payment services. Only authorised payment, electronic money, and credit institutions, along with equivalent foreign branches, can conduct currency exchange. The authority can fine unauthorised firms, and account information service providers will be subject to Sweden’s Anti-Money Laundering and Terrorist Financing Act.