The Bank for International Settlements, along with seven central banks published a report titled “Central bank digital currencies: foundational principles and core features”, which identifies key principles necessary for publicly available CBDCs, including the need to conform to AML requirements.
The Financial Action Task Force published a follow-up report on Sweden’s progress to address remaining anti-money laundering and counterterrorist financing deficiencies, highlighting that progress in strengthening measures resulted in a technical compliance re-rating on FATF Recommendation 26.
Swedish Lender SEB Fined €95 Million for Baltic AML Collapse
SEB has become the latest inclusion on a list of European lenders that have or will incur substantial penalties for not having taken appropriate measures to mitigate substantial money-laundering risks in their Baltic subsidiaries.
JAK Medlemsbank hit with AML fine in Sweden, Belgium accuses ING of facilitating money laundering, and more, in the weekly roundup
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.
Sweden’s Financial Supervisory Authority, Finansinspektionen, issued an administrative penalty against the Skövde, Sweden-based bank for its failure to comply with money laundering and terrorist financing requirements.
| 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 : 121/125 |
| Score : 3.51/10 |
| Rank : 4/180 |
| Score : 85/100 |
| Rank : 64/133 |
| Score : 46/100 |