The Financial Supervisory Authority of Sweden, Finansinspektionen, published a supervision report on financial instruments with cryptoassets as an underlying asset.
Sweden’s Finansinspektionen published a memorandum outlining the regulator’s priorities for 2021, including efforts to safeguard consumers’ interests and work to combat money laundering and terrorist financing in the Baltics and Sweden.
Hamas moved cryptocurrency donations through Binance, UAB Finolita Unio loses Lithuanian license over Wirecard ties, and more, in the midweek roundup.
Encrochat Hack Exposed Swedish Money Laundering Operations
European law enforcement’s interception and surveillance of nearly 120 million messages on Encrochat, an encrypted communications platform once favored by criminals, led to record seizures of illicit cash in France, the Netherlands and the United Kingdom.
European, UK AML Enforcement Remained Strong in 2020
The Disciplinary Committee at Nasdaq Stockholm ordered the Stockholm, Sweden-based bank to pay a fine of SEK 46.6 million, which is equivalent to twelve annual fees, for anti-money laundering shortcomings from December 2016 through February 2019.
Sweden’s Financial Supervisory Authority issued a SEK 1 billiona administrative fine against the Stockholm, Sweden-based financial institution for anti-money laundering deficiencies that resulted in the bank’s subsidiaries in the Baltics being exposed to elevated risks of money laundering.
| Technical | Effectiveness |
|---|---|
| Compliant : 14 | High : 1 |
| Largely Compliant : 23 | Substantial : 4 |
| Partially Compliant : 3 | Moderate : 6 |
| Non-Compliant : 0 | Low : 0 |
Sweden's technical compliance was re-rated in a Oct. 2, 2020 follow-up report
| Rank : 134/141 |
| Score : 3.32/10 |
| Rank : 4/180 |
| Score : 85/100 |
| Rank : 64/133 |
| Score : 46/100 |