Sweden’s FI fines Klarna Bank SEK 500m for violating AML regulations, highlighting deficiencies in its risk assessment and due diligence procedures

Sweden’s FI investigated Klarna Bank’s compliance with AML regulations from April 2021 to March 2022. The investigation revealed deficiencies in the bank’s general risk assessment, notably a lack of evaluation on how its products could be used for money laundering or terrorist financing. Additionally, Klarna failed to establish adequate procedures and guidelines for customer due diligence…