Global Investigations Review - The law and practice of international investigations


Thursday, 14 March 2019

Danish FSA: Swedbank's Danish arm needs to improve money laundering checks

Denmark’s Financial Supervisory Authority (FSA) said in a report on 13 March that the Danish branch of Swedish bank Swedbank should scrutinise customers with a high money laundering risk more rigorously.

The FSA’s report is based on an inspection of SEB Kort Danmark, which is Swedbank’s wholly owned Danish subsidiary, conducted in March.

“SEB Kort takes note of the Danish Financial Supervisory Authority’s report on inspection in the money laundering area of our Danish card branch in March 2018,” SEB Kort Denmark said in a statement.

EU Commission vice president criticises Romanian corruption reforms

Frans Timmermans, vice president of the European Commission, has hit out at Romania’s stance on corruption and judicial reforms during a visit to Bucharest, according to Euronews.

The commission is monitoring Romania through its Cooperation and Verification Mechanism (CVM) following the changes to the country’s judicial legislation, which includes a provision to prevent top prosecuting units from being led by interim appointees for longer than 45 days.

Romania’s ruling Social Democrat Party has reportedly rejected Timmermans’ criticisms.

Malaysian Securities Commission issues show-cause letter to Goldman Sachs

Malaysia Securities Commission said it had issued a show-cause letter to Goldman Sachs requiring the US bank to explain why it should not be subject to disciplinary action, according to local reports

Chairman of the commission, Syed Zaid Albar, did not explain when the letter was issued or provide details about its content.

Goldman Sachs is currently embroiled in a multi-jurisdictional investigation into Malaysian state fund 1MDB and is being investigated by Malaysian and US authorities for its role as an underwriter for three bonds that raised US$6.5 billion for 1MDB.

The bank has denied any wrongdoing.

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