20 Jul 2016
Nordea, a Nordic bank named in the Panama Papers tax evasion scandal, conceded on Wednesday that it had not done enough in some cases to safeguard fully against crimes such as money laundering.
The region’s biggest lender said an internal investigation found many of the files it had reviewed clearly fell below the bank’s standards for verifying the identity of customers, a key step in preventing money laundering and funding militant groups.
“That is not acceptable,” Chief Executive Casper von Koskull said in the report. “The deficiencies are, to a large extent, of a governance and control nature.”
He said the bank had decided to take a number of steps, including the tighter control of its Luxembourg subsidiary where many of the offshore accounts had been set up.
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