Natural and legal persons who would like to start substantial currency trading, or other financial operations, so-called financial institutions, are required to register their operations with FI in accordance with the Obligation to Notify Certain Financial Operations Act (1996:1006).

Currency exchange is professional trading of foreign bills and coins as well as travellers' cheques issued in foreign currencies. If currency exchange is offered in other ways than cash-to-cash, for example if a customer can buy currency using their credit or debit card, the business is also regulated by the Payment Services Act (SFS 2010:751).
 
Other financial operations are professional operations which mainly consist of conducting one or more of the activities as stated in Chapter 7, section 1, points 2, 3, and 5 – 12 of the Banking and Financing Business Act (2004:297).
 
Financial institutions are not under FI's supervision, but FI checks owners, management and the internal regulations regarding money laundering. Changes in management or ownership are to be reported to FI. 
 

Fees

In connection with the application, a fee of SEK 10,000 for natural persons or SEK 22,000 for legal persons shall be paid to FI via Bankgiro account: 5050-6922. Please indicate on the payment advice what the payment is for.
 
FI will also charge an annual supervision fee that for the time being is set to 1,000 SEK for natural persons and 10,000 SEK for legal persons. 
 

Processing time


FI makes decisions within 90 days provided that the application is complete and the fee has been paid.
 

Other information


  • The Articles of Association/bylaws should show that the company operates currency exchange or other financial operations. Articles of Association /bylaws are registered with the Swedish Companies Registration Office.
  • Swedish financial institutions which are legal persons shall submit information to FI annually, though no later than 30 June, regarding owners' qualifying holdings in accordance with FI's regulatory code, FFFS 2011:14 (only available in Swedish).

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