Sweden Fines SEB $106M For Anti-Money Laundering Failures
Law360, London (June 25, 2020, 5:21 PM BST) -- Sweden's financial watchdog fined Skandinaviska Enskilda Banken AB one billion krona ($106 million) on Thursday for lax money laundering controls in relation to its Baltic operations.
The Swedish Financial Supervisory Authority said that SEB "had deficiencies in identifying and managing the risk of money laundering associated with some of their non-resident customers."
The FSA said that while things have improved since, it failed to meet legal requirements for money laundering checks between the period of 2015 to early 2019.
"Despite the elevated risk of money laundering in the Baltics, the bank has done too little, too late," Erik Thedéen, director general...
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