Swedish Financial Supervisory Authority revokes Jifiti Patorai AB authorisation for not conducting the permitted business

The Swedish Financial Supervisory Authority (Finansinspektionen) has revoked Jifiti Patorai AB’s authorisation after concluding that the firm has not carried out the activities covered by its licence. The revocation applies immediately. Jifiti Patorai AB has held authorisation since 12 October 2023, including permission to issue electronic money, but has not conducted such business since the authorisation was granted. Finansinspektionen noted that where firms do not use their authorisations over a prolonged period, it intervenes because the conditions underpinning the original authorisation may no longer be in place.