The fintech company Valuno, formerly known as Quickbit, will be investigated by Finansinspektionen for its compliance with money laundering regulations.

"It is Valuno's opinion that the investigation is of a routine nature and thus a natural and recurring element of FI's activities", Valuno writes in a press release.

The investigation covers the company's general risk assessment, procedures and guidelines for customer knowledge and customer knowledge measures.

"The risk of the financial system being used by criminals to launder money remains high. The risks associated with crypto-asset trading are highlighted in both the 2021 national risk assessment and the latest EU supranational risk assessment. Crypto-asset trading is an example of a service that is at increased risk of being exploited by criminals to launder money. This is because they are services that allow anonymity. FI will therefore review how QB Europe, which manages crypto-assets, acts to reduce the risk of its services being used for criminal purposes", FI writes in its press release.

QB Europe is a subsidiary of Valuno and is supervised by FI as a financial institution.