Norion Bank Fined SEK 90M for AML Compliance Failures
Swedish Financial Supervisory Authority Issues Remark and SEK 90 Million Administrative Fee to Norion Bank
The Swedish Financial Supervisory Authority (SFSA) has issued a remark and an administrative fee of SEK 90 million to Norion Bank for non-compliance with anti-money laundering (AML) requirements for high-risk corporate clients.
Penalty Details
SFSA found that Norion Bank failed to comply with AML regulations. The bank was penalized for not taking necessary measures for high-risk corporate clients. The administrative fee is set at SEK 90 million.
Bank's Response
Norion Bank has not yet made an official statement on the matter. However, it indicated that it will comply with the SFSA's decision and make necessary adjustments.
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