Sweden: SEB chief slams ‘regulatory tsunami’ against dirty money

Banks are spending billions of dollars a year on anti-money laundering rules and compliance but are doing little to stop criminals moving money around the financial system, according to the boss of one of Sweden’s largest lenders. Johan Torgeby, chief executive of SEB, told the Financial Times his bank had spent more time on anti-money laundering issues than anything else in the past five years after facing problems in the Baltic region, along with many other Nordic lenders.

SEB now employed thousands of people in compliance and asked its customers “a humungous amount of questions” but Torgeby said it was important to ask if the regulation was “fit for purpose”.

This article was originally posted on ft.com

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