June 25, 2020 / 1:40 PM / 14 days ago

Swedish fines SEB bank 1 bln SEK over money laundering compliance failures in Baltics

STOCKHOLM, June 25 (Reuters) - Sweden’s financial watchdog on Thursday fined lender SEB 1 billion crowns ($107.11 million) for failures in compliance and governance in relation to anti-money laundering regulations in the Baltics.

“SEB has not identified the risks of money laundering in its Baltic operations sufficiently well and has had faults in its governance and controls,” the Financial Supervisory Authority said in a statement.

The fine is the second biggest ever doled out by the FSA, after rival Swedbank was hit with a 4 billion charge in March, also for lax compliance with anti-money laundering regulations in the Baltics. ($1 = 9.3360 Swedish crowns) (Reporting by Simon Johnson; editing by Niklas Pollard)

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