A Swedish financial regulator fined Skandinaviska Enskilda Banken 1 billion Swedish konor ($107.3 million) for lax anti-money laundering governance after an investigation.
Finansinspektionen, the regulator, found that SEB did not comply with rules on monitoring business relationships and transactions, and such deficiencies opened the bank up to potential risks. The bank’s Baltic subsidiary banks especially came under scrutiny, where a large portion of business comes from high-risk, nonresident customers.
