Europe: Nordea bank accused of violating money laundering rules
17 Oct 2018

British-based Hermitage Capital Management has reportedly accused Nordea bank of breaching anti-money laundering rules, according to Sweden’s Economic Crime Authority.

Hermitage is understood to have handed over some documents regarding the matter to the agency.

“We have received documents from Hermitage regarding money-laundering and we’re evaluating which authority should handle this,” a spokesman for the unit told Reuters.

The news follows recent reports that Hermitage CEO Bill Browder complained to Danish authorities over alleged money laundering at Danske Bank’s Estonian branch.

Danske has caught the attention of regulators after it emerged it had processed about 200 billion euros of suspicious money in a money laundering scandal that has led to calls for the EU to do more to address money laundering in its banking systems.

A significant souce of the suspicious transactions at Danske are linked to Russia, where Hermitage operated for a number of years, before it was allegedly targeted by criminals and robbed of millions of dollars, which Hermitage says was funnelled through a number of banks.

According to Reuters, Nordea is aware of the reports.

“We work closely with the relevant authorities in the countries in which we operate, including the Nordic Financial Intelligence Units,” Nordea said.

Read more:

EU adopts Sixth Anti-Money Laundering Directive EU 6AMLD, deadline set

The perfect AML programme: A ten point guide

Deutsche Bank ordered to improve due diligence, anti-money laundering, KPMG to monitor

Danske Bank investigation: Employees implicated in $234 billion money laundering scandal

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