Sweden Sanctions Bank For Money Laundering Failures

Law360, London (June 18, 2020, 12:33 PM BST) -- Sweden's financial regulator hit the cooperative-owned JAK Members Bank with a fine on Thursday after finding flaws in its money laundering controls, its latest sanction against lenders for failing to run checks against customers.

The Swedish financial supervisory authority said it was fining JAK 1.6 million Swedish krona ($170,000) after finding "shortcomings" in how it assessed the risks posed by clients.

"JAK has also violated several of the rules regarding customer knowledge," the authority said. "In many cases, the bank has not identified customers or verified their identity."

The failures by JAK, which is owned by its members and not run for...

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