Sweden’s government decided on Wednesday to sharpen its tools against money laundering.
One requirement is that the Swedish Financial Supervisory Authority (Finansinspektionen) strengthens cooperation with the European Central Bank and other supervisory authorities.
“This is a shortcoming that has emerged in the dealings that have come to light. Both in terms of Danske Bank and Swedbank, there has been too little information exchange between regulators,” said Deputy Finance Minister Per Bolund.
The government will also tighten the requirements for customer knowledge and has determined that a number of players, including art dealers and companies using virtual currencies, must work actively to counter money laundering. Simultaneously, the minister expects the banks to raise their game, not least in terms of high-risk third countries.
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