Sweden's financial watchdog agency has fined top banks Nordea and Handelsbanken after finding serious shortcomings in their efforts to prevent money laundering.
Nordea on Tuesday received a warning and the maximum fine of 50 million kronor ($6.1 million) while Handelsbanken received a "remark" and a fine of 35 million kronor ($4.3 million) from the Swedish Financial Supervisory Authority.
Continue Reading Below
The agency said the banks had not complied with money laundering rules, meaning they've been at risk of being used by people to launder money or finance terrorism.
It said more than 100 billion kronor ($12 billion) are laundered in Sweden every year.
CEO Christian Clausen said Nordea took the decision very seriously and "will continue to increase the resources and efforts to ensure that we comply with these very important requirements."