Sweden FI fines Ikano Bank SEK 140M for significant AML failings, including weak risk assessments and inadequate due diligence controls for high-risk customers

Sweden FI found that Ikano Bank failed to carry out a comprehensive assessment of how its products and services could be exploited for money laundering and terrorist financing, did not adequately consider key customer risk factors or regulatory guidance on emerging threats, and lacked a sufficiently robust risk assessment framework to effectively support its AML/CTF policies, procedures, and controls…