Photo: Jessica Gow/Scanpix.

Nordea fined for poor risk assessment

The Nordea bank has been ordered to pay SEK 30million in fines for being "deficient in its handling of the EU sanctions regulations and in its work to prevent money laundering", the Swedish Financial Supervisory Authority has ruled.

In a statement, the Financial Supervisory Authority said that Nordea has broken EU sanctions regulations by failing to screen beneficial owners over a period of several years.

Further, the statement said the bank was deficient in its reporting to the Financial Supervisory Authority regarding transactions in frozen accounts, with only 16 out of 74 transactions reported.

Nordea was also criticised for poor internal governance and for poor risk assessment of a customer from Gibraltar.

The Financial Supervisory Authority told news agency TT that the Gibraltar-based customer is Talikant, the company suspected of being involved in a bribery deal with Swedish telecom company Telia Sonera.

Talikant is officially run by a young woman in the fashion business but has close ties to Gulnara Karimova, the Uzbeki dictator's daughter.

"Appropriate risk assessments are a prerequisite for preventing money laundering and the financing of terrorism and the bank has not performed sufficient customer due diligence," the Financial Supervisory Authority statement said.

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