Registered companies that are not under FI's supervision
Financial institutions, deposit companies and savings and loan associations are not under Finansinspektionen's supervision. However, as of 1 April 2008, FI has the right to conduct onsite evaluations at financial institutions but not at deposit companies or savings and loan associations.
Companies do not need to apply for licences from FI to conduct their business. It is sufficient that they apply to register their business.
In conjunction with the registration, FI will check, among other things, the company's owners and management and that routines are established so that the company's services are not utilised for money laundering. As for deposit companies and savings and loan companies, it is also checked whether they have sufficient own funds, and that they are going to inform their future customers that funds deposited are not covered by the state guarantee of deposits. The companies are allowed to receive a maximum of SEK 50,000 per consumer.
FI then verifies at least once per year that the registered companies meet the imposed requirements. A registered company is required to submit the information that FI requests, among other things regarding measures against money laundering. Any changes in senior management or of a qualifying ownership of a registered company shall be reported to FI.
If a registered company does not follow current legislation, FI has the means to order the company to terminate its operations.
Financial institutions conduct money remittance, currency trading or other financial operations, such as lending operations.
