On May 31, 2024, EU decided on a comprehensive regulatory framework to combat money laundering and terrorist financing, the so-called Sixth Money Laundering Directive, (EU) 2024/160.
Article 16 of the directive means that changes must be made to the Swedish account and safe deposit box system (Mechanism).
Article 16 means that more information must be available for searching in the Mechanism, and applies to more types of institutions. In addition to today’s credit institutions and certain securities companies, financial institutions must also join, if they have the products or services covered by the directive. Currently, information about accounts and safe deposit boxes is available for search in the Mekanismen.
In addition to that, information is added about essentially the following:
- virtual IBAN issued by a credit institution or financial institution
- securities accounts
- accounts for crypto assets.
The directive also involves certain changes in which detailed information must be provided about the various accounts that must be available for search.
Implemented no later than July 2027
This part of the directive must be implemented in Swedish law by 10 July 2027 at the latest. At the moment, it is uncertain how certain parts of Article 16 should be interpreted in a Swedish context. Further information on, among other things, which financial institutions will be required to join the Mechanism will be provided later during the ongoing legislative matter.
The directive is a minimum directive. This means that data and institutions other than those mentioned in the sixth money laundering directive may also be covered by the future Swedish rules.
In Article 16, there are also provisions which mean that the national mechanisms of the Member States must be linked together in order for cross-border searches to be possible. This interconnection must be in place by July 10, 2029 at the latest.
add-on module
CM1 offers the Mekanismen feature as an add-on module for CM1 users. Essentially, this allows CM1 customers to use CM1 as an API for Swedish Tax Agency’s API by providing necessary account information to CM1.