Swedish regulator Riksbank threatens banks with the prospect of increased regulation that will ensure business access to cash services. As the central bank noted in an official letter, it is necessary to ensure that operators who are required by law to accept cash provide access to relevant services on a daily basis, reports an expert in the field of international financial law Konstantin Kryvopust.
Banks in Sweden, which is known as the world’s first almost cashless society, have practically stopped providing cash services to businesses. Instead, such services are currently offered almost exclusively by Loomis AB, a cash-carrying company, and at that entirely on a commercial basis. According to the regulator, banks should take responsibility for ensuring access to funds, especially in the event of a failure of digital payment systems.
Banks have decided to comply with regulatory requirements by installing deposit machines with limits that are too low for many businesses, the central bank says. The Riksbank notes that more and more banks are closing their cash desks, so it considers it appropriate to strengthen the legal requirements.
