Sweden: Danske Bank reprimanded over ‘shortcomings’ on anti-money laundering controls

Sweden’s financial regulator has slammed Danske Bank for failing to overcome controls failures following one of the world’s biggest money laundering scandals. The Financial Supervisory Authority said on Wednesday that Danske had “shortcomings” in its anti-money laundering work and had not sufficiently assessed how its products and services could be used by criminals. It told the bank to remedy the situation by June of next year.

“The Financial Supervisory Authority finds it remarkable that the shortcomings have existed for such a long time and considers the bank’s timeframe for fixing them cannot be considered acceptable,” the regulator wrote in a letter to Danske.

The rebuke shows how Danske is still struggling with money laundering issues after disclosing one of the biggest dirty money scandals on record after it said a large part of €200bn of foreign cash flowing through its Estonian branch was suspicious.

This article was originally posted on ft.com


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