Sweden -- AML/CFT Compliance Regulatory Overview

Crypto-asset service providers (CASPs), including cryptocurrency exchanges and custodial wallet providers, in Sweden must comply with the Swedish Anti-Money Laundering Act (SFS 2017:630) (AML Act), which has been amended to align with MiCA (EU Regulation 2023/1114) and directly applies since key dates in 2024. These providers must register with or obtain authorization from the Swedish Financial Supervisory Authority (Finansinspektionen or SFSA/FI), the primary oversight body, available at https://www.fi.se/en/.[1][2][3][5][6]

Key AML/CFT Legislation

• Primary laws: Swedish Anti-Money Laundering and Terrorist Financing Law (AML Act, SFS 2017:630); Money Laundering Crimes Criminal Code; former Currency Exchange Act (SCEA, 1996:1006, now amended/reduced post-MiCA); Lag med kompletterande bestämmelser till EU:s förordning om marknader för kryptotillgångar (2024:1159, effective 30 Dec 2024).[2][4][5][6][7]
• EU alignment: MiCA directly effective; CASPs now under direct AML Act regulation; prior SCEA expansions (effective 1 Jan 2020) imposed stricter-than-EU AML on virtual currency exchanges and custodians.[1][2][3][4][6]
• Registration/authorization required with FI; transition for pre-MiCA registrants until 30 Jun 2026.[1][3]

Customer Due Diligence (CDD/KYC) Requirements

Obliged entities, including CASPs, must:

• Conduct KYC by obtaining customer information before transactions.
• Perform risk assessments of products/services, customers, distribution channels, and geographic factors for money laundering/terrorist financing.
• Apply enhanced due diligence where risks are higher.[4][5][6][7]

Suspicious Transaction Reporting

Providers must report suspicious transactions indicative of money laundering or terrorist financing to FI, as part of broader AML/CTF obligations under the AML Act.[1][5][6][8]

Record-Keeping Obligations

Entities must maintain records of transactions, customer data, and due diligence for at least 5 years (standard under AML Act), with periodic reporting requirements applying to branches/subsidiaries.[5][6][8]

FI oversees compliance, supervising stability, consumer protection, and AML/CTF for financial entities including CASPs; advocates/lawyers supervised by Swedish Bar Association. Pre-MiCA guidelines (2018) added client asset segregation, capital buffers, and risk management.[1][2][3][5]