31 Oct 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 set of recommendations to address the issues. The FSA took no further action and has now closed the review into Nordea” the news agency said.
The FSA declined to comment on the news. Nordea told KYC360 that the regulator had recently conducted such an inspection, and that is has now concluded, however it did not elaborate on the review saying that it does not go into detail ‘when it comes to these dialogues.’
Nordea also added that it has developed an ‘extensive programme’ aimed at counteracting financial crime.
News of Nordea’s financial crime failings come almost two weeks after British-based firm Hermitage Capital Management accused it of violating AML rules. Hermitage boss Bill Browder says $405 million of susciious money was processed through the bank.
Swedish police say they have received documents from Browder regarding money laundering and other financial crimes and are looking into the matter.
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