- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jaclyn Jaeger2020-06-26T16:52:00
Sweden’s financial watchdog was fined SEB $107 million for weak governance practices related to the bank’s anti-money laundering controls in its Baltics subsidiaries.
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Scientists and doctors cannot succeed or make medical breakthroughs without being prepared to fail. The same approach should be taken to combating anti-money laundering, writes financial crime expert Martin Woods.
Sweden’s financial regulator announced it will wait until June to conclude its money laundering investigation into Scandinavian Enskilda Banken AB (SEB) due to the coronavirus pandemic.
Implementation of risk-based processes and the data analysis that sits behind them are among the biggest weaknesses laid out in a review of AML efforts in the accounting and legal sectors conducted by the U.K.’s financial watchdog.
London has long had the dubious reputation of being the world’s money laundering capital and it looks like it’s a title it is likely to retain for some time yet.
The U.K. will struggle to shed its reputation as one of the world’s biggest conduits for dirty money due to a combination of patchy intelligence-sharing and poorly resourced enforcement agencies, experts told Compliance Week.
The U.K. has an ongoing problem with money laundering, but recent changes to economic crime law and corporate registration requirements could bring more cases to court, according to consultancy KPMG.
