The Finanzmarktaufsicht (FMA) warns about the e-money institution Intergiro Intl AB (publ), whose licence to conduct financial services was revoked by the Swedish Financial Supervisory Authority (Finansinspektionen) due to multiple, systematic and long-lasting gross violations of legal acts.<\/p>
The violations included failure to report a large number of suspicious transactions to the Swedish police. In the cases where the company has reported such transactions, the report did not occur in the manner specified in the Anti Money Laundering Act. Reports in many cases were also significantly delayed. In several cases Intergiro Intl AB (publ) did not take any customer due diligence measures or other required measures at all to obtain a basis on which to assess whether the company was obligated to report suspicious transactions.<\/p>
Intergiro Intl AB (publ) has conducted in other words a number of severe violations of the anti-money laundering regulations. Given this background and since it cannot be considered sufficient to issue Intergiro a warning accompanied by an administrative fine, FI is withdrawing the company’s authorisation to conduct business in accordance with the Electronic Money Act.<\/p>
Because of the repeated violations, the Finansinspektionen decided that the e-money institution is unable to carry out the activities covered by the licence and consequently revoked the licence.<\/p>