News Money Laundering

2019

FI opens sanction case in SEB investigation

FI is opening a sanction case in the investigation into Skandinaviska Enskilda Banken AB’s (SEB) governance and control of measures to combat money laundering in the bank’s subsidiaries in the Baltic countries.

Erik Thedéen: How we need to work to fight money laundering

“We need to make advancements in the fight against money laundering here and now, within the current system and regulatory framework,” asserted Erik Thedéen at the Swedish Bankers’ Association’s annual Bank Meeting.

FI’s work to combat money laundering and terrorist financing

Finansinspektionen (FI) strengthened its anti-money laundering supervision in 2019, in part by dedicating considerable resources to reviewing major Swedish banks’ governance and control of anti-money laundering measures in Baltic subsidiaries.

FI opens sanction case in Swedbank investigation

FI is opening a sanction case in the investigation into Swedbank AB’s governance and control of measures to combat money laundering in the bank’s subsidiaries in the Baltic countries.

Erik Thedéen: Climate and sustainability in focus at FI

FI’s Director General spoke today at the Finansdagen conference in Stockholm.

Martin Noréus: Capital and AML - current topics in bank supervision

At a conference today, Deputy Director General Martin Noréus shared his views on capital adequacy in Swedish banks and how capital adequacy will be impacted by forthcoming regulations. Mr. Noréus also gave a process update on ongoing AML investigations and concluded that money-laundering risks will become a bigger consideration in prudential supervision.

Timeframe for investigations into Swedish banks’ management of money laundering risks in the Baltics

During the month of July, FI sent notification letters to SEB and Swedbank as part of the investigations into the banks’ management and control of money laundering risks in Estonia, Latvia and Lithuania.

Nordic and Baltic financial supervisors enhance cooperation to fight money laundering

Heads of the Nordic and Baltic financial supervisors met today in Stockholm. They agreed on measures to enhance the cooperation between the authorities with the aim of fighting money laundering and terrorist financing.

FI’s comments following publication in the media of extracts from verification letters

FI sends verification letters at an early stage of its investigation process, and the aim of this letter is to verify the facts of the case. Verification letters may at times also include preliminary assessments, but these assessments assume that the information FI received is correct and has been understood correctly.

FI comments on the recent events involving Swedbank

Over the past few weeks, the media has reported on potentially major problems related to money laundering primarily in Swedbank’s Estonian operations. These reports have caused the bank’s share price to fall and had a negative impact on the bank’s reputation.

Report from Forensic Risk Alliance is part of FI’s investigation

FI has received a copy of Swedbank’s external review that was initiated by reports in the media of suspected money laundering in the Baltics.

FI has received report on suspected money laundering

FI confirms that it received a report from Swedbank on 1 March regarding suspected money laundering.

FI strengthens its international supervisory collaboration against money laundering

“We are taking the initiative to strengthen our international supervisory collaboration against money laundering and we are redistributing our own resources to increase our supervision capacity,” says FI’s Director General Erik Thedéen after today’s meeting with Minister for Financial Markets and Housing Per Bolund.

FI’s comments regarding customer relationships and confidentiality

SVT’s investigative journalism program Uppdrag Granskning has reported on certain transactions that occurred through Swedbank’s operations in the Baltics.

FI’s comments on the supervision of anti-money laundering activities in the Baltics

Due to the reports in the media regarding suspected money laundering in Swedbank’s Estonian operations, FI is issuing the following comments.

Joint statement by the Estonian and Swedish Financial Supervisory Authorities

Eesti Finantsinspektioon (the Estonian FSA) and Finansinspektionen (the Swedish FSA) consider the reports regarding suspected money laundering that yesterday were made public yesterday on Swedish television (SVT) to be very serious. It is extremely important that the banks’ senior management and boards of directors view these matters seriously and take all necessary actions to ensure compliance with laws and regulations.

FI’s comments on Uppdrag Granskning’s disclosures regarding suspected money laundering

FI considers the disclosures regarding suspected money laundering presented by SVT’s program Uppdrag Granskning to be very serious. FI’s Director General Erik Thedéen has made the assessment in several interviews in conjunction with the events in Danske Bank that the possibility of Swedish banks being involved in money laundering cannot be ruled out entirely, but that the scope is most likely more narrow than what has been identified in Danske Bank.

FI's comments regarding the supervision of money laundering

We consider the recent disclosures regarding money laundering and other regulatory infringements in Swedish banks to be very serious. It is extremely important for the banks' management teams and boards of directors to take these matters seriously and ensure that the banks are following the laws and regulations.

Request for the release of documents, FI’s decision and the rulings of the Administrative Court of Appeal

FI would like to clarify which decisions FI has made, which decisions were appealed and which rulings the courts announced with regard to a number of investigations into money laundering at Swedish banks.

The Administrative Court of Appeal rejects Svenska Dagbladet’s appeal

The newspaper Svenska Dagbladet previously appealed FI’s decisions regarding drafts of assessments in investigation matters. The Administrative Court of Appeal of Stockholm announced its ruling in the case today. The Administrative Court of Appeal upholds FI’s decision and thus rejects Svenska Dagbladet’s appeal.

2018

FI Supervision 1: Experiences from money laundering supervision 2016–2017

It is FI’s assessment that firms in general have a greater awareness of the regulations than in previous investigations and are committing more resources to their work to prevent money laundering. But more needs to be done.

FI updates information about periodic reporting required by the Anti-Money Laundering Act

FI has updated the instructions and FAQs about the periodic reporting firms under Finansinspektionen’s supervision are required to file according to the Anti-Money Laundering Act.

Videos about anti-money laundering now in English

FI has translated into English its educational videos about efforts to combat money laundering and terrorist financing.

2017

Information about forthcoming periodic reporting in accordance with Finansinspektionen’s regulations FFFS 2017:11

On 1 August, the new Money Laundering Act entered into force as well as FI’s new regulations. According to these new regulations, firms under FI’s supervision must report data that enables FI to assess the risk that firms will be used for money laundering and the financing of terrorism.

Report suspicious transactions

2017-01-31 | News Money laundering

FI is sending out a letter and brochure today to all of the firms under its supervision about the requirement to report suspected money laundering and terrorism financing. In order to reach as many people as possible, the brochure is available in six languages (Swedish, English, Persian, Arabic, Finnish and French) and two short, informational videos (in Swedish and English) are available online.

2016

Terrorism financing

The national risk assessment regarding the financing of terrorism that was published in June 2014 identified a need to increase knowledge and awareness about the financing of terrorism.

Financing of terrorism

2016-03-15 | News Money laundering

The national risk assessment regarding the financing of terrorism that was published in June 2014 identified a need to become more informed about and aware of terrorism financing. With the aim of becoming more informed, FI commissioned a report from the Center for Asymmetric Threat Studies (CATS) on the threat from terrorism financing and the experiences of measures taken in other countries.

2015

Handelsbanken receives a remark and is ordered to pay 35 million

Handelsbanken has not complied with the money laundering rules. The bank has not conducted risk assessments for all of its customers or obtained sufficient information about customers and their business relations. The bank's system for reviewing transactions has also been deficient. Handelsbanken thus receives a remark and is ordered to pay an administrative fine of SEK 35 million.

Nordea receives a warning and is ordered to pay 50 million

There have been major deficiencies in Nordea's work to prevent money laundering. This means there is a high probability that if people have tried to launder money or finance terrorism that they could have done so without Nordea having been able to detect this. Nordea is therefore receiving a warning and is ordered to pay the maximum administrative fine of SEK 50 million.

2008

SMS loan companies to routinely identify their customers

The SMS loan companies report that they have improved their routines to identify their customers after an investigation by Finansinspektionen.

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