meta_id 3284603

On June 30, 2026, Finansinspektionen (FI), Sweden's financial supervisory authority, announced it will conduct an in-depth analysis of correspondent banking relationships in the Swedish banking sector. A correspondent banking relationship is a business arrangement where one bank provides payment services or payment-related banking services to another bank, typically across national borders. The analysis aims to enhance FI's understanding of how Swedish banks utilise correspondent banking relationships, manage associated risks, and implement customer due diligence, transaction monitoring, information requests, and suspicious transaction reporting to Finanspolisen, Sweden's financial intelligence unit. Petra Bonderud, head of risk analysis and anti-money laundering supervision at FI, said correspondent banking relationships serve an important function in international payments and the global payment system. However, these relationships can present elevated risks for money laundering and terrorism financing, particularly when payments traverse multiple intermediaries and cross borders. The varying structures of correspondent banking relationships can limit banks' visibility into transaction flows and underlying customers. FI intends to develop a comprehensive understanding of the risks present in these transaction flows and how banks manage them. The analysis will examine how banks within correspondent banking arrangements handle customer knowledge, transaction oversight, information requests, and reporting of suspected transactions. This initiative reflects FI's commitment to strengthening oversight of cross-border payment flows and mitigating financial crime risks inherent in correspondent banking networks that operate across multiple jurisdictions.