Obligation for major banks to provide certain cash services

In January 2021, a new act came into force that requires certain major banks to provide withdrawal services for private persons and to re-ceive deposits (daily takings) from organisations and companies.

In December 2016, a committee, The Riksbank Committee, was given the task of reviewing the monetary policy framework and the Sveriges Riksbank Act (in swedish only). In June 2018, the Riksbank Committee presented the interim report "Secure access to cash" (in swedish only). The interim report deals, among other things, with the role and responsibility of the Riksbank regarding the supply of cash throughout Sweden. In addition, the roles of other government authorities, banks and commerce are analysed. The Committee proposes that some banks should be obliged to provide reasonable access to cash services throughout Sweden.

The Riksbank has given its view of the proposals in a consultation response to the interim report. Read more on the page All banks should be obliged to handle cash.

In September 2019, the Government submitted the bill Obligation for credit institutions to provide cash services (Bill 2019/20:23), (in swedish only) to the Riksdag (the Swedish Parliament). The bill proposes that Swedish credit institutions and branches of foreign credit institutions should be obliged to provide cash services to a satisfactory extent throughout Sweden. The proposals involve certain large credit institutions – currently the six largest banks in Sweden – being obliged to provide certain cash services throughout Sweden with effect from 1 January 2021. The purpose is to ensure a certain minimum level of access to cash services for consumers and companies. The proposal states that banks providing basic payment accounts with basic functions to consumers are obliged to supply places for cash withdrawals. The obligation to provide cash services does not include an obligation to provide deposit services for consumers. Moreover, banks providing payment accounts to companies are required to provide places for depositing daily takings. The Swedish Post and Telecom Agency supervises the banks' compliance with their obligations. If a Swedish institute fails to fulfil its obligations, Finansinspektionen (the Swedish Financial Supervisory Authority) may intervene against the institute by deciding on an injunction and a penalty fee.

In November 2019, the Swedish Parliament decided to approve the proposal (see Riksdag Committee on Finance report 2019/20; FiU29). The banks are obliged to apply the law from 1 January 2021. Read more about what the law entails on the government website.

Who is responsible for regulatory compliance?

The Swedish Post and Telecom Agency supervises the banks' compliance with their obligations. If a Swedish institution fails to fulfil its obligations, Finansinspektionen (the Swedish Financial Supervisory Authority) may take action against the institution by deciding on an injunction and an administrative fine.

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Updated 18/02/2022