HALISTER1: Nordea Money Laundering Link to Panama Leaks Probed by FSA

Nordea Money Laundering Link to Panama Leaks Probed by FSA

(Bloomberg) -- So-called Panama Papers “potentially point to the same problems that we have seen in sanctions a year ago,” Uldis Cerps, executive director for banking at the Swedish Financial Supervisory Authority, says by phone.
  • Banks have “potentially insufficient knowledge of customers and possibly presence of high risk customers, which need to be dealt with in a special manner,” he says
  • “Our task as supervisors is to ensure that we follow up how the banks are meeting legal requirements for those breaches we sanctioned them a year ago,” Cerps says; “We will have this checked”
  • Banks need to be “filtering transactions and generating alarms and exploring” clients from an anti-money laundering perspective, Cerps says
  • NOTE: FSA last year fined Nordea SEK50m and Handelsbanken SEK35m for breaching anti-money laundering rules
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
NDA SS (Nordea Bank AB)
0284798D PP (Mossack Fonseca & Co SA)
SHBA SS (Svenska Handelsbanken AB)

People
Uldis Cerps (Swedish Financial Supervisory Authority)

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