Sweden fines two biggest banks for money laundering

‘Sweden’s top financial authority has fined the country’s two biggest banks for negligence in doing their work and failing to prevent money laundering.

The country’s Financial Supervisory Authority (FSA) announced on Tuesday a fine of 50 million kronor (5.4 million euros, USD 6 million) for Nordea while Handelsbanken was fined 35 million kronor (3.7 million euros, USD 4.2 million), AFP reported.

“Nordea has not complied with the money laundering rules for several years. The bank has not evaluated the risks associated with various customer groups and in some cases has been unaware of whether they actually have high risk customers,” the FSA said in a statement.’

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