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Sweden’s financial watchdog was fined SEB $107 million for weak governance practices related to the bank’s anti-money laundering controls in its Baltics subsidiaries.
U.S. banking regulators have long understood the connection between bribery, corruption, money laundering. and security. It will be interesting to see if the ECB and European countries are willing to become as aggressive as their U.S. counter-parts in fighting the global scourge of money laundering.
ABLV Bank announced the resignation of its chief compliance officer, Aleksandrs Paže, at a time when the bank finds itself in hot water for alleged money laundering practices.