Finansinspektionen has no direct supervision over Swish, and the company thus has no reporting obligation regarding suspected money laundering transactions to the authority. That responsibility lies today with Swish's owner, the banks. The Swedish Financial Supervisory Authority is now investigating whether Swish needs its own payment service permit.

"We are only a technical platform and our attitude is that we do not therefore need a payment service permit, but this is now being investigated by the authorities," says Anna-Lena Wretman, CEO of Getswish AB.

The Finance Police warned in May

Last May, the Finance Police warned that there is no comprehensive system for monitoring suspicious transfers. In a report to the Ministry of Justice, they alert about the banks' swish service.

“There is currently no comprehensive system for monitoring the risk behaviors among the practitioners. For example, for Swish there is information about all Swish transactions in the Swish-online system where, however, there is no monitoring as the business is not met by the requirements of the Money Laundering Act ”.

Swish's CEO Anna-Lena Wretman is unaware of what kind of information they could provide the police.

- We have the information we need to handle Swish transactions. For security reasons, I do not want to comment on what monitoring or transaction data we have. But it is all about technical monitoring. The banks handle everything related to money laundering and the customer.

Bank secrecy stops

According to Swish's CEO, it is instead the banking secrecy that today puts a stop for the banks to have the overall control demanded by the fiscal police.

- I can also see that this is a problem. Today there is no one sitting on the overall transaction data. Each bank has the information needed to meet the current regulations.

The Financial Police are brief about the Swedish Financial Supervisory Authority's decision to open a dialogue with Swish.

- We are glad that this issue is now being raised, says Niclas Lundh, Head of the Finance Police Section of the National Operations Department.