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Trustly fights financial crime with the Open Banking movement

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Trustly is making changes to its current services in Europe as part of the Anti-Money Laundering and Terrorist Financing Prevention Act.


Around the world, financial institutions and businesses are working to make using the internet for financial services as safe as possible.

Trustly, one of the most trusted digital account-to-account transactions services across the planet, is embracing new changes in Europe.

Customers who use Trustly to make payments will now be seen as customers under the Anti-Money Laundering and Terrorist Financing Prevention Act. Trustly hopes to set a new standard for European users as it aims to fight against financial crime.

Merchants, banks, and consumers should all be positively impacted by these changes, making Trustly the safest transaction option around.

Open Banking is safer banking

While Trustly is already at the forefront of providing transaction solutions for consumers, casino users, and shoppers, by following the Open Banking movement, this is set to improve.

The aim of the business is to provide a service like no other across Europe. Faster, cheaper, customer-friendly and safer are all top priorities. By being able to use a Trustly account (that isn’t tied to any individual bank) transactions become faster than ever before. With the changes they’ve implemented, customers will be required to have a bank account with the institution in the EEA or UK in order to use the services Trustly offers.

Unfortunately, consumers will not be able to deposit funds to an account held with Trustly but Trustly will have the ability to initiate payments from the user’s account.

Oscar Berglund, CEO of Trustly, commented saying: "Trustly has started a phased implementation of measures that, in addition to full compliance, will ensure that we maintain our industry-leading user experience. Trustly has long been at the forefront of account-to-account payments, a user-friendly and innovative way for consumers to pay directly from their bank accounts, and we will continue to set the standard for fast, easy and secure payments."

Change thanks to the SFSA

The recent changes to how Trustly operates are thanks to an assessment made by the Swedish Financial Supervisory Authority (SFSA). The assessment revealed what users had communicated to them about Trustly. The changes also fit with the company’s goals of developing ways to prevent money laundering and terrorist financing.

"Regulatory compliance has always been, and will always be, a matter of utmost importance to Trustly. Trustly has already decided, ahead of the SFSA's final decision, to adapt to the SFSA's preliminary assessment and to start treating affected end users as customers, implementing customer due diligence measures where required. As a customer, a partner and a user of Trustly's services, you should always be assured that we comply with applicable legislation," said Johan Tjärnberg, Chairman of Trustly.

Trustly’s aim to fight financial crime recognises that it puts a burden on businesses, authorities, and regulators alike. As one of the largest payment services on the market today, Trustly feels that it is in the perfect position to make positive changes that could be the start of a real difference.

With technology that allows the business to track payment chains as they take place in real-time, there is a real hope that keeping a closer eye on the finances could weed out some of the more dangerous targets.

Published: December 7, 2021

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Article by Stelly

CasinoWow Contributor

Hey there! I am Stelly, and happily, I'm part of CasinoWow's content team. It excites me to be able to write and share with all gambling enthusiasts unbiased reviews and news that contribute to the gambling community and industry. Thankfully, I also have the chance to help you make an informed choice for casino brands and games, as well as provide interesting guides and news.

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