- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2020-03-26T20:28:00
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.
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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.
Swedbank has canceled the severance pay of its former CEO and accepted a record fine of 4 billion Swedish Krona (U.S. $390 million) in the wake of the findings of an independent investigation into its anti-money laundering deficiencies.
Swedbank AB has been issued a record 4 billion Swedish Krona (U.S. $390 million) administrative fine for what Sweden’s financial watchdog called “serious deficiencies in its management of the risk of money laundering in its Baltic operations.”
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.
