When Sweden’s Handelsbanken (SHB) submitted its annual report for 2017 in February this year, the profit and loss account was weighed down by a record-high credit loss in the UK. Dagens Industri has now gained access to a report by the UK’s financial regulator, the Financial Conduct Authority (FCA), dated 18 August 2017, criticising Handelsbanken’s UK management, which has failed to maintain an adequate anti-money laundering framework. Among other things, “there has been a lack of investment in financial crime resources” and the “shortcomings are affecting the bank’s effective management of financial crime risks. Overall, we assess the weaknesses identified to be the result of senior management failure to implement and maintain an effective financial crime framework”.
The FCA has since sent a report to the Swedish Financial Supervisory Authority (FSA), which has confirmed the document is “part of an ongoing review” of the bank.
SHB says it has taken a number of measures to improve its routines, in accordance with the FCA’s requirements.
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