Featured Finland

Inside the hunt for a cryptocurrency fraudster who vanished without a trace

With flames leaping from the stage, ear-splitting music pumping from loudspeakers and a screaming crowd, the sell-out event at London’s Wembley Arena seemed more like a rock concert than a financial sales conference. But as Alicia Key’s Girl On Fire began to fade, an electrified silence swept across the auditorium… Read More

IMF asked to evaluate Nordic and Baltic money laundering prevention

The International Monetary Fund (IMF) is asked to conduct an independent evaluation of money laundering prevention in the Nordic and Baltic region, a member of the Bank of Lithuania’s board said Wednesday. “A regional monetary prevention evaluation will be performed,” Marius Jurgilas told members of the Seimas Committee on Budget… Read More

Court dismisses charges against Estonians suspected of money laundering

A court in Helsinki has dismissed all charges in the largest money laundering case ever tried by a Finnish court, in which two Estonian nationals were suspected of laundering €135 million in total. Finland’s public broadcaster Yle reported that the district court’s decision is not final and can be appealed. Read More
9th October 2019
A court in Finland is set to pass judgment today in the largest money laundering case ever tried by a Finnish court, in which two Estonian nationals are accused of laundering €135 million in total. According to prosecutors, the Estonians laundered approximately €135 million of illicitly obtained Russian money into… Read More
6th September 2019
Ever since the 2008 financial crisis, US financial misconduct fines have led the world.  However, defenders of Europe’s more collegiate approach to tackling banks’ money-laundering shortcomings say US banks also lead the world for de-risking, shunning some of the globe’s poorest countries from access to the dollar system. … Read More
8th July 2019
The Nordic region’s six major banks announced the creation of a customer checking center on Friday, with the initiative expected to help their efforts to crack down on money launderers and recover from a scandal that has damaged the sector’s reputation. The news confirms a Reuters report about the venture,… Read More
18th June 2019
The Danish headquarters of Nordea was searched last week by Denmark’s state prosecutor in relation to a money-laundering investigation into the bank, a Nordea spokesman told Reuters. The Danish prosecutor has been investigating the Nordic region’s biggest lender in relation to money laundering risks since June 2016. Nordea took a… Read More
18th June 2019
The market for anti-money laundering (AML) compliance jobs may be on the rise in Nordic countries, but don’t count on that trend continuing. Advances in technology could render many compliance roles at Nordea Bank and Danske Bank obsolete, Bloomberg reported Monday. While Helsinki-based Nordea Bank relies on hundreds of employees to help… Read More
12th June 2019
Finnish police have declined to investigate an allegation of money laundering at Nordea made by anti-corruption campaigner Bill Browder’s Hermitage Capital, citing lack of jurisdiction and the statute of limitations. Hermitage Capital Management Ltd requested an investigation last October into transfers of funds to corporate customer accounts at Nordea from… Read More
13th May 2019
The Nordic region’s six major banks are joining forces to set up a customer checking center to crack down on money launderers, part of efforts to recover from a scandal that has shaken confidence in the finance industry. Danske Bank and Swedbank have lost billions from their market value after… Read More
2nd May 2019
Two of Europe’s largest banks on Tuesday blamed Russian money laundering scandals for their lackluster performances in the first quarter of 2019, and promised to do more to prevent compliance lapses going forward. Helsinki-based Nordea Bank said in its Q1 results that it had set aside €95 million to account… Read More
8th March 2019
Compliance and anti-money laundering staff are in hot demand in the Nordic financial sector following tougher regulations and a string of scandals involving the region’s top banks Danske Bank, Nordea and Swedbank. Compliance officers ensure banks meet industry regulations that have mushroomed since the financial crisis a decade ago, and… Read More
5th March 2019
Leaked documents indicate that Nordea Bank and other institutions processed billions of euros in suspicious transactions from a network of shell companies, Finnish television network Yle reported Monday. The data leak shows that 700 million euros flowed through the bank despite signs that at least some of the funds could likely… Read More