The Swedish Financial Supervisory Authority (“SFSA”) has today announced its decision to issue Norion Bank a remark and an administrative fee of SEK 90 million following an investigation regarding compliance with anti-money laundering regulations.
Since May 2023, the SFSA has investigated how Norion Bank has complied with the anti-money laundering regulations. The investigation was conducted during the period from April 30, 2022, to May 1, 2023, and covered the bank’s general risk assessment, client risk assessment, procedures and guidelines for due diligence practices and client due diligence actions.
The investigation is now concluded and the SFSA has today announced its decision to issue Norion Bank a remark, which is the sanction imposed when the violation is considered less severe, and an administrative fee of SEK 90 million. The decision states that Norion Bank has not sufficiently complied with the anti-money laundering regulatory requirements regarding customer due diligence for the bank’s corporate clients associated with a high risk of money laundering and terrorist financing.
– Today, we have received the SFSA’s decision to give Norion Bank a remark and an administrative fee of SEK 90 million. Since the investigation period, from April 2022 to May 2023, we have developed and strengthened our processes and ways of working. We have implemented new system support and ensured the adequacy of existing ones, introduced a large number of new processes and procedural guidelines, strengthened the organization and our educational efforts. Robust regulatory compliance and the prevention of money laundering and financing of terrorism are of utmost importance to Norion Bank, and we continuously work to further enhance our processes and resilience, says Martin Nossman, CEO, Norion Bank.