Sweden’s financial watchdog said on Wednesday it had identified deficiencies in Danske Bank’s anti money-laundering routines and told the bank to have them fixed by June next year.
The Financial Supervisory Authority (FSA) started a routine investigation into Danske Bank’s compliance in its Swedish business in 2020.
“The bank has fixed some of the shortcomings and presented action plans for, among other things, the lack of general risk assessment and how the bank’s products and services can be used for money laundering,” the FSA said in a statement.
Danske’s original plan to rectify any shortcomings proposed to have all measures in place in 2023, but the FSA said on Wednesday that timeframe was not “acceptable”.
“The FSA considers that it is reasonable to give the bank until 30 June 2022 to take action,” it said.
“We acknowledge the Swedish FSA’s decision on intervention,” Danske’s head of financial crime compliance, Satnam Lehal, told Reuters.
“We note the FSA’s decision to require the bank complete this work sooner than currently scheduled,” Lehal said.
Photo – EPA-EFE/Jens Noergaard Larsen
Microsoft said it is creating a new company that will help customers select AI technologies that work for their businesses and generate returns on their investment.
Microsoft Frontie...
Nearly 2,800 migrants arrived in Italy by sea in June, marking a 10% decrease compared with the previous month, according to data from the UN Refugee Agency (UNHCR).
Since the beginni...
Updated 1020
Benna Raises Milk Prices Again as Production Costs Climb: Malta Dairy Products Ltd has increased the prices of several Benna dairy products for the second time in a year,...
Morning Briefing
Yorgen Fenech trial over Daphne Caruana Galizia murder begins
The long-awaited trial by jury of Yorgen Fenech over the murder of journalist Daphne Caruana Galizia ...
The European Commission has unveiled an ambitious package of tax reforms aimed at simplifying tax rules across the European Union, reducing compliance burdens for businesses and strength...
The European Union's new Migration and Asylum Pact enters into force on 12 June, ushering in the most significant reform of the bloc's migration framework in years and placing renewed em...
Microsoft said it is creating a new company that will help customers select AI technologies that work for their businesses and generate returns on their investment.
Microsoft Frontie...
Malta Public Transport will be organising special bus services for the BBC Concert taking place on 4th July 2026, at the Granaries in Floriana.
In order to provide a more convenient t...
The European Parliament has approved a major new initiative aimed at reducing workplace accidents and strengthening worker protection across the European Union, as concerns continue to g...
The European Union has approved new rules aimed at tightening the screening of foreign investments in strategic sectors, marking a major shift in Europe’s approach towards economic secur...
Malta Public Transport will be organising special bus services for the BBC Concert taking place on 4th July 2026, at the Granaries in Floriana.
In order to provide a more convenient t...
One month after Gozo’s public transport service has been fully electrified, Gozo’s bus service has recorded more than 332,000 passenger journeys across more than 16,220 trips, demonstrat...
The U.S. and Iran released the text of an interim agreement their presidents have signed to end their war on Wednesday, with U.S. President Donald Trump threatening to resume attacks and...
U.S. and Iranian officials said they had reached an agreement to end their war and reopen the Strait of Hormuz, a preliminary pact that sent oil prices falling but leaves the fate of Te...
At least 32 people have been killed and more than 700 injured after two powerful earthquakes — measuring 7.2 and 7.5 — struck central Venezuela seconds apart, causing widespread destruct...
Thousands of Cuban security personnel have begun leaving Caracas after nearly two decades in Venezuela, as Washington ramps up efforts to dismantle the long standing alliance between the...
Kyiv will observe a day of mourning on Friday after a large-scale Russian missile and drone attack killed at least 13 people and injured about 90 others, according to city officials.
...
Ukrainian President Volodymyr Zelenskyy cut short his visit to Dublin on Wednesday, warning that the Kremlin would soon launch a new large-scale attack on Ukraine.
Zelenskyy was atten...
