The Swedish Financial Supervisory Authority (FI) issues Norion Bank AB (Norion) a remark and an administrative fine of 90 million kronor for violations of anti–money laundering regulations.
Summary
Norion Bank AB (Norion or the bank) has authorisation to conduct banking business in accordance with the Banking and Financing Business Act (2004:297). Pursuant to this authorisation, the bank offers different types of loans, for example corporate and real estate loans, and deposit accounts, for example savings accounts. The bank also offers other types of financial services and products, such as factoring and payment services. The bank’s customer base includes both natural persons and legal entities.
Finansinspektionen has investigated, among other things, Norion’s compliance with customer due diligence provisions set out in the Anti-Money Laundering and Counter-Terrorist Financing Act (2017:630). The authority has reviewed the measures the bank has taken with regard to customers who are legal entities. The investigation shows that Norion has not taken necessary measures to sufficiently assess whether customers associated with a medium or high risk of money laundering and terrorism financing had beneficial owners who were politically exposed persons or family members or known colleagues of such a person. Neither has the bank taken any enhanced customer due diligence measures to obtain more detailed information about high-risk customers’ business activities or financial situation or the source of their money.
There are no grounds on which to forego an invention against Norion. However, the violations are not so severe as to present cause to consider withdrawing Norion’s authorisation or issuing the bank a warning. Finansinspektionen is therefore issuing Norion a remark that, in order to be an adequate intervention, will be accompanied by an administrative fine of SEK 90 million.
