Featured Finland

Nordic Banks Look to Machine Learning to Fill Compliance Roles: Report

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. Although Helsinki-based Nordea Bank relies on hundreds of employees to help… Read More

Nordea’s Danish headquarters searched as part of money laundering investigation

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

Finnish police decline to investigate Nordea complaint

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
5th March 2019
Shares in Nordea, the Nordic region’s biggest bank, tumbled on Monday after Finnish public broadcaster Yle announced it would air a program later in the day containing allegations of money-laundering through the bank. Yle said a large data leak showed that hundreds of millions of euros from suspicious sources had… Read More
31st October 2018
A recent review into Nordea Bank by Sweden’s Financial Supervisory Authority (FSA) has identified some deficiencies in its anti-money laundering controls. The FSA picked up weaknesses in areas such as risk assessment and client knowledge, Bloomberg reports, citing a FSA letter to Nordea’s management. “The regulator has given Nordea a… Read More
25th October 2018
British-based businessman Bill Browder has reportedly accused Nordea Bank of processing $405 million is suspicious funds, adding more details about the banks he alleges helped launder dirty money from Russia. Nordea is listed in a criminal complaint filed to Finish authorities, Bloomberg said, adding that Finland’s National Bureau of Investigation… Read More
3rd May 2018
Spanish police have arrested 11 individuals suspected of being part of a criminal network that laundered millions for drug dealers using cryptocurrencies, credit cards and over a hundred bank accounts. The Spanish-based group was approached by drug dealers to help them launder their illicit cash, authorities say. Read More
Compliance professionals in many large organizations are faced with a dilemma: is it possible to maintain the clarity of a single global compliance policy while still complying with the increasingly divergent local laws? Read More
18th May 2017
The biggest bank in the Nordic region says this month’s ransomware attack underscores the need for lawmakers to look more closely at bitcoin’s role in financial crime. Nordea Bank AB, whose chief risk officer, Julie Galbo, testified to the Danish parliament on Tuesday in response to questions about management’s efforts… Read More