Swedish Large Banks fined 85 million for money laundering deficiencies

Two of the major banks punished for not having followed the rules on money laundering . Banks have thus made ​​it possible to finance terrorism , says the FSA. Nordea will pay the maximum amount of SEK 50 million , while Handelsbanken penalty lands of 35 million .

Finansinspektionen writes in a press release that it who wanted to launder money from Nordea likely have been able to do it without the bank had the opportunity to discover it. While Handelsbanken must rebuff by FI for not having followed the money laundering rules.

Together, the two Swedish banks pay 85 million crowns

According to FI’s review Nordea has for years lacked an effective system to detect and prevent money laundering. High-risk persons is also linked to high-risk countries Lybien and Pakisan have undisturbed been able to use the bank for its operations and purpose, according to Martin Noréus, acting Director General. – It means that if people have wanted to launder money or finance terrorism, they have very likely been able to do it without that Nordea had the opportunity to discover it. It is very serious, he notes. Martin Noréus would not comment on whether the Inspectorate review of the two Swedish banks have been passed to the Finance Police. – We end our inquiry here. We do not investigate crimes, it is the job of the finance police, he said. At a press conference in the Swedish Financial Supervisory FI clarifies why banks sanctioned. Nordea has for several years not followed the money laundering rules, according to FI. The bank has not assessed the risks of different customer groups and, in some cases, Nordea did not know if they had high risk for in their stock at all. – Each year, laundered money for SEK 100 billion, it is therefore important that banks counteracts this. Not least, otherwise it is possible to finance terrorism, says Martin Noréus.A high-risk group are , for example, very wealthy people who often spreads its assets in different accounts in a number of banks, which increases the risk of money laundering , he adds. There has been bad , really bad at Nordea ‘s General Counsel Per Håkansson’s summary. – Nordea knew in principle that it had a number of high-risk below which is amazing. Nordea has not even been able to reach a basic level , says Per Håkansson. He continues:Nordea systems have basically released through anything. One gets the impression that the bank is not interested in the matter whatsoever. Terror researcher Magnus Norell notes that it has been known for some time that certain terrorist financing could be done more or less openly and through regular banks because control has been poor. – It should come as no surprise, he says. His Brown, terrorism researcher at King’s College in London is surprised Nordea’s indifference to follow the rules. – The remarkable and tragic, he says.  Now think, however, Hans Brown to terrorist necessary bank accounts after all the verdant. The cause should in his opinion be to carry out acts of terrorism require smaller amounts and their money seeking other avenues. – In contrast, spreads the knowledge quickly among criminals where they can launder money. Even those who are engaged in migrant smuggling may also have had good opportunities to move their money thanks to Nordea, he adds. Nordea CEO Christian Clausen says in a press release that “We take very seriously the criticism. We admit that we initially underestimated the complexity of the regulatory framework and the resources needed to fully meet the demands of the area. However, we have taken significant steps since 2013,” he writes. Per Håkansson emphasizes that Nordea is the largest bank with international arena. – Handelsbanken, which punished the side has made some assessments of high-risk for having followed much the same model as the examination of all regular customers, said FI’s General Counsel It is not the first time Nordea punished by the FI. In 2013, the bank note and a high penalty for having violated money laundering regulations and EU sanctions regulations. That decision was, however, other shortcomings than those now caught the attention but nevertheless confirms the picture of a bank that has had problems with compliance with money laundering regulations. FI now give Nordea a warning with the maximum possible penalty of 50 million. Handelsbanken will pay 35 million for its shortcomings and a reminder. – We are very serious on the FSA criticism and will take the necessary measures, says Johan Wallqvist, press manager at Handelsbanken. The two other major banks SEB and Swedbank have been included in the survey, where the FI took samples to see how banks have handled the high executives. There have been about 100 samples per bank. – But they (SEB and Swedbank), no sanctions, says Martin Noréus.

Source:DN/Sweden