Among other things, the bank has not risk-assessed its customers in the manner required by the regulations, and has not taken the measures required to achieve customer due diligence, according to the authority.
"Banks and financial companies complying with money laundering regulations is a prerequisite for them to be able to counteract risks of money laundering and terrorist financing in their operations," says Malin Alpen, Area Manager Payments at FI, in a press release.
"Svea will read through and analyze the decision and promptly take any remaining measures," says the bank's CEO Lennart Ågren in a press release.
Garantum Fondkommission also received a reprimand and a sanction fee of SEK 15 million in a separate decision from FI, which concluded that Garantum did not comply with consumer protection regulations when providing advice.
