Featured Sweden

Wall Street Targets the Nordics After Latest Spike in Wealth

One of the world’s richest corners has become a magnet for a growing number of Wall Street firms. The Nordic countries — best known for their universal welfare models and domination of world happiness rankings — now have a surplus of cash after years of central bank stimulus. That’s prompting… Read More

SEB replaces Baltic chief amid money laundering investigation

Sweden’s SEB appointed a new head of banking on Friday, just months after the lender became swept up in a money laundering scandal in the region. Jonas Ahlstrom, formerly the bank’s chief financial officer in the Baltics, will replace Riho Unt as leader of SEB’s Baltic division with immediate effect. Read More

Bonuses Axed for Top Swedbank Managers Amid Dirty-Money Probe

The most senior managers working at Sweden’s biggest mortgage bank won’t be getting bonuses to reflect last year’s bumper profits. Swedbank AB’s board wants to send a clear message that a bank being investigated for money laundering can’t reward its highest-ranking people, no matter how much business they bring… Read More
28th January 2020
The planned restructuring of Swedish oil refiner Nynas AB shows how some companies are trying to disentangle ownership to free themselves from U.S. sanctions. Stockholm-based Nynas this week said it would reorganize with the goal of getting out from under U.S. sanctions. The company is co-owned by Petróleos de Venezuela… Read More
27th January 2020
Her website once described her as a “poet, mezzo-soprano, designer and exotic Uzbekistan beauty”. Or, as more critical voices have put it, a “robber baron” who purloined hundreds of millions of pounds in bribes. Now another facet of Gulnara Karimova has come to light: former neighbour of Sir Bruce Forsyth. Read More
23rd January 2020
The Swedish Gambling Authority (SGA) has taken a stance against money laundering and petitioned the Ministry of Finance to increase the maximum penalty of the gambling operators in violation of the Money Laundering Act. The Authority argued that, given the turnover of the larger gambling operators licensed in Sweden,… Read More
16th January 2020
Officials in the United Kingdom and bankers throughout Scandinavia turned a blind eye to the influx of illicit Russian funds linked to Europe’s biggest money laundering scandals, according to a British financier and anti-corruption activist. In a recent interview for KYC360’s AML Talk Show, Bill Browder spoke to host… Read More
13th January 2020
Should banks be forced to accept a client who could be on the wrong side of the law? A court in Finland is about to decide the answer to that question, and its verdict may have far-reaching implications. Russian billionaire Boris Rotenberg is suing four Nordic banks for not doing… Read More
13th January 2020
At Danske Bank A/S, the cost of adapting to a world intensely focused on financial crime just keeps growing. In an interview in Stockholm, the chief executive of Danske in Sweden, Johanna Norberg, said “the peak” level of investment to meet anti-money laundering requirements has “not yet been reached.”… Read More
1st January 2020
It bombed more than any other European bank stock, yet Swedish retail investors couldn’t get enough of it in 2019. Swedbank AB, which is being investigated in Europe and the U.S. amid allegations of money laundering, became the ultimate go-to stock of 2019 for non-professional Swedish investors. That’s according to… Read More
24th December 2019
Sweden’s Swedbank repeated on Friday that there was a risk it had been used to launder money, in a response to requests for comment by the Estonian and Swedish financial watchdogs on their separate probes into the bank. Sweden’s oldest retail bank dismissed its CEO earlier this year and accepted… Read More
23rd December 2019
Latvia’s financial watchdog said on Friday it had fined Swedish bank SEB a total of 1.79 million euros ($1.99 million)for lax anti-money laundering controls and for one case of violation of sanctions in the Baltic country. The Financial and Capital Market Commission (FCMC) said an inspection in 2017 of SEB… Read More
20th December 2019
The Swedish Financial Supervisory Authority (FSA) is opening a sanction case related to both its investigation into Skandinaviska Enskilda Banken AB’s (SEB) governance, as well as a check of anti-money laundering (AML) measures the bank’s subsidiaries in the Baltic States use. The decision on opening the sanction case is itself… Read More