Fintech Friendly Bank Nordea May Get Sucked into Money Laundering Scandal

Nordea Bank may be the next Scandinavian bank to get sucked into the money laundering scandal. Bloomberg is reporting that an upcoming broadcast that may reveal more details on money laundering have caused shares to drop.

Apparently, a broadcast that will air by tomorrow will show that hundreds of millions of euros from suspicious sources have filtered through Nordea.

Nordea will just be the latest big bank to get caught up in what appears to be either lax AML rules or willful ignorance regarding dirty money emanating out of Russia. Big banks like Danske, Swedbank, and Deutsche Bank have each been accused of laundering funds.

Nordea is a bank that touted its forward-thinking approach to finance touting its values and “everyday aspirations
for a greater good.” Nordea was the first Bank in the Nordics, to offer green loans to customers.

In 2017, Nordea launched a venture fund solely to invest in Fintechs.

Recently,  Nordea inked a partnership with investment crowdfunding platform Invesdor to help support capital formation for early stage firms.

Recently, Nordea issued a press release stating that the financial sector plays a “crucial role in preventing banks from being misused for money laundering.”  The release said:

“… at Nordea, we take this responsibility very seriously. In recent years we have invested massively in IT systems that can detect potential money laundering and we have multiplied the number of employees in our fight against financial crime.”

Nordea claims 1500 “colleagues” are dedicated to preventing financial crime and published an affiliated report highlighting how they manage AML compliance.

In January, Nordea announced it had banned all employees from trading all cryptocurrencies.

According to the Bloomberg report, Nordea is aware of the forthcoming broadcast and is in dialogue with both YLE and the Danish newspaper Berlingske.

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