Sweden’s Loomis finds failings in money laundering oversight
22 Jul 2019

Swedish cash-handling firm Loomis AB (LOOMb.ST) reported flaws in its anti-money laundering oversight on Friday and vowed to fix them.

Loomis launched an investigation into its operations in May after a journalist alleged it was implicated in a Danish money laundering scandal involving foreign exchange agencies.

Danish authorities convicted the owners of several exchange agencies in Copenhagen in 2016 for having helped criminal networks launder million of dollars in suspicious funds.

“Despite proactive work by Loomis FX, such as contacts with authorities and engagement of external experts, deficiencies have in some cases led to FX operations not being conducted satisfactorily,” Loomis said.

The firm said it had informed Danish and Norwegian financial authorities about the shortcomings it uncovered and would strengthen its procedures.

By Esha Vaish, Reuters, 19 July 2019

Read more at Reuters

Photo: Oxyman [CC BY-SA 3.0], via Wikimedia Commons

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