The International Monetary Fund has analysed vulnerabilities and threats stemming from money laundering and terrorist funding in eight Nordic and Baltic countries.
Customer data was possible to access online openly for over two years.
The bank’s Latvian subsidiary was found making 386 transactions that violated OFAC’s sanctions.
The fastest growing fintech company in Sweden is striving to become number one in Europe in online financing for small businesses.
The company breached the Deferred Prosecution Agreement from 2019 by violating cooperation and disclosure provisions.
Danske Bank is the second bank to be hit with big fines after money-laundering breaches in the Baltics.
Germany, Poland and Sweden faced criminal sanctions in 2021.
Channeling personalisation, digitisation and trust is key to Swedish fintechs’ success.