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Dan Lucas: the Banks know that in the day can confidence crumble quickly if the deficiencies in the work against money laundering

– Nordealedningen has already previously said that it expects fines from the Danish financial supervisory authority. The reason is that Nordea has had no failures in its work against money laundering. Through the provision want management to tell the market approximately what it will cost the bank.

– No, there is nothing that they report, but ceo Johan Torgeby points out that no bank can ensure it is not used for criminal activities.

– Torgeby calls in addition to a closer cooperation between the banks, regulators and law enforcement bodies to combat money laundering.

– There are several reasons, but, of course, play the different revelations. The giant penningtvätthärvan in Danske Bank is perhaps the best example of it.

– in addition, it has become increasingly risky for a bank to be revealed with the deficiencies in the work against money laundering. Mångmiljardböter, coercion from the authorities to inject more capital are just a few of the consequences.

– There has also been a shift in the banks. 20-25 years ago was seen in the fight against money laundering as a work strictly for the authorities. The banking business is based on trust, and then expose it are not customers for the most polisliknande questioning – there was a general perception among bank managers.

– In the day they know that confidence can crumble quickly if the deficiencies in the work. It has not the least Swedbank and Danske experienced.

– in particular, the SEB made a strong operating profit of sek 5.9 billion – an increase of 12 percent compared with a year ago.

Nordea has it a little harder. The bank's concern has been to get costs down and that work will continue and the costs fall slightly. Nevertheless, operating income fell by nine per cent compared with the corresponding quarter of 2018, to eur 871 million (less than eur 9.3 billion).

also Read: Worse than expected for Nordea.

Read also: SEB beats expectations.

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