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The decision of Finansinspektionen

22 February, 2022

In October 2020, Finansinspektionen initiated an investigation with the aim of checking the company’s compliance with the money laundering regulations.

Finansinspektionen has examined ClearOn’s operations during the period between January – December 2020. The examination was about routines and guidelines for the company’s work with AML risk assessments and the KYC process and ClearOn’s knowledge about its payment service customers.

ClearOn has always had a strong focus on the AML-processes and has over the years invested significant resources in ensuring compliance with the requirements and guidelines that the company has interpreted into the relevant regulations.

Finansinspektionen has made the assessment that ClearOn has had shortcomings in its measures to achieve sufficient AML knowledge for those customers with whom a business relationship has been established and thus that ClearOns has not been able to sufficiently handle the risk of money laundering or terrorist financing. From ClearOn’s perspective, the main reason for the expressed  shortcomings lies in its interpretations of the regulations, where the company has made different assessments than what Finansinspektionen has done.  

Based on the preliminary findings received from Finansinspektionen, ClearOn has established and implemented an action plan to correct the shortcomings that Finansinspektionen considers have existed in the company. This action plan entails changes in routines and processes for the work with risk assessments and in the processes to acquire customer knowledge and to risk classify customers.

Finansinspektionen has found that the shortcomings justify a warning together with a penalty fee.