Sweden’s financial markets regulator FI has completed its investigation into AML compliance of Ria Payment Institution.
FI continuously conducts investigations to ensure that the money laundering regulations are complied with. The probe has been limited to how the company complies with the money laundering regulations’ requirements for general risk assessment, suitability testing and training. FI has also carried out site visits to five representatives of the company.
Ria is a foreign payment institution. FI’s opportunities to intervene against foreign payment institutions are different than those against the Swedish payment institutions. The intervention measure that Finansinspektionen has available in the first stage is to order the company to take corrective action.
FI has identified shortcomings in the company’s work against money laundering and terrorist financing. FI considers that the measures that the company has taken or plans to take are sufficient to rectify most of the shortcomings. The minor shortcomings that remain are not considered to be of such a nature as to give rise to any intervention by the Swedish Financial Supervisory Authority.
Thus, there is no reason for FI to take further measures in connection with the investigation.