Finansinspektionen (SFSA, the Swedish Financial Supervisory Authority) has decided to issue a warning and a penalty fine of SEK 50m (EUR 5.4m) to the Swedish part of Nordea, Nordea Bank AB (publ), for deficiencies in managing the anti-money laundering requirements.
The SFSA has since February 2013 conducted a review of Nordea’s compliance in Sweden with the Anti-Money Laundering (AML) requirements and finds that the bank has had major deficiencies in the area.
Nordea respects the SFSA´s decision and acknowledges that there have been deficiencies in the bank’s compliance with the AML requirements. Since the review started two years ago Nordea has acted decisively and implemented an ambitious action plan to ensure a satisfactory level of governance, risk management and control.
- We take this decision very seriously. We acknowledge that we initially underestimated the complexity and the resources required to be fully compliant within this area. We have, however, taken significant measures since 2013. Most recently, we further emphasised the strategic importance by making the Group Compliance Officer part of Group Executive Management and we will continue to increase the resources and efforts to ensure that we comply with these very important requirements, says Group CEO Christian Clausen.
The action plan that has been implemented since 2013 to strengthen AML compliance contains more than 500 activities. Among those are for example intensified training of employees, improved risk assessments and investments in new improved transaction monitoring systems.
Moreover, Nordea has taken thorough measures to strengthen the central compliance functions that support and monitor the AML compliance work performed in the business.
For further information:
Emma Rheborg, Head of Communications Sweden, +46 (0)733 80 22 63
The information provided in this press release is such that Nordea is required to disclose pursuant to the Swedish Financial Instruments Trading Act (1991:980) and/or the Swedish Securities Markets Act (2007:528).