Finansinspektionen withdraws the authorisation of the payment institution Get betal AB. The company has, in part, provided inaccurate information to FI in its application for authorisation. The decision applies immediately.
Get betal AB (Get betal or the company) is a payment institution that is authorised to provide the payment service money remittance pursuant to Chapter 1, section 6 of the Payment Services Act (2010:751). The company offers money remittance services to, among other countries, Somalia, Djibouti, Ethiopia, Kenya, Uganda and Turkey, and has notified Finansinspektionen that it conducts cross-border operations in 15 countries within the EU/EEA.
In January 2025, Finansinspektionen opened an investigation into Get betal’s operations. As part of the investigation, the authority has reviewed the company’s compliance with several central provisions of the Payment Services Act and provisions in other regulations that govern the company’s business. The investigation shows that the company has been in violation of several of these provisions. Finansinspektionen also reviewed information the company submitted in conjunction with its application for authorisation to conduct business pursuant to the Payment Services Act. This review shows that the company at that time submitted inaccurate information which had a direct impact on the authority’s decision to grant the company authorisation.
Pursuant to Chapter 8, section 11 of the Payment Services Act, Finansinspektionen shall withdraw a payment institution’s authorisation if the institution has received the authorisation by submitting inaccurate information. If sufficient, the authority may instead issue the institution a warning. Finansinspektionen makes the assessment – in part due to the violations that otherwise were identified during the investigation – that a warning is not a sufficient measure. Get betal’s authorisation shall thus be withdrawn. This decision will go into effect immediately.
