Sweden Finds Flaws in Nordea’s Anti-Money Laundering Defenses

Sweden’s financial watchdog has identified weaknesses and deficiencies in Nordea Bank Abp’s work to counter money laundering.

The findings were made in a review this year of how Nordea follows rules in areas such as risk assessment and client knowledge and included in a letter sent by the Swedish Financial Supervisory Authority to Nordea’s management and board.

The heavily redacted letter, dated Sept. 28 and obtained by Bloomberg, doesn’t provide any further details on the shortcomings but states that the regulator has given Nordea a set of recommendations to address the issues. The FSA took no further action and has ...