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Nordea Bank Tackles AML Compliance Amid Hefty Fine

Aarti Maharaj | August 5, 2015

Scandinavia’s top financial institution has learned the hard way after Sweden’s financial regulator uncovered major anti-money laundering deficiencies in its processes. Nordea Bank AB, Scandinavia’s biggest bank was fined 50 million-krona ($5.9 million) fine in May for anti-money laundering failures, says a recent Bloomberg Bloomberg report.

The Swedish Financial Supervisory Authority said that Nordea’s compliance program did not have the right protocols in place to detect and prevent money laundering to fund terrorist organizations. The million-dollar fine imposed by the Swedish regulator went down in history as the maximum fine for money laundering breaches in the country.

In an effort to regain financial stability and rebuild public trust, Nordea is adding more...

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