Categories: News |
Published by: TOC
Trustly’s Sweden-based subsidiary Trustly Group AB is a licensed payment institution, supervised by the Swedish Financial Supervisory Authority (“SFSA”) since 2010. Trustly is subject to assessments by regulatory authorities as a normal part of its business.
As stated in the year-end 2020 review, Trustly Group AB has been subject to a supervisory review by the SFSA since October last year. Trustly has just received SFSA’s observations and preliminary assessments (avstämningsskrivelse).
One of SFSA’s preliminary views is that Trustly should perform customer due diligence on some consumers using Trustly’s payment initiation service to make payments to merchants. Trustly is looking forward to providing its views and analysis and engaging in a dialogue with the SFSA.
Oscar Berglund, CEO, comments;
“We have designed our payment solution based on our interpretation of the EU Payment Services Directive, PSD2, and related regulatory guidelines and conduct full customer due diligence on our merchants. The observations we have received from the SFSA so far are preliminary and not final and the SFSA has stated that they may adjust its observations, based on, among other things, our response. We will now take time to fully analyze the preliminary assessment and revert to the SFSA with a response, as is customary.”
Johan Tjärnberg, Chairman, comments;
“Trustly is a global leader in Online Banking Payments with a very strong innovation and growth track record and a unique position to drive the transformation of the payment sector worldwide, which has attracted great interest from investors both domestically and internationally. The Board of Directors has full confidence in Trustly’s operational and regulatory capabilities and ability to adapt to any final conclusions from the SFSA. We are prudently now reviewing the preliminary observations and continuing the dialogue with the SFSA.”
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