Following an investigation, Sweden’s financial regulator has found that Danske Bank failed to adequately correct for its past controls failures, after one of the world’s largest money-laundering scandals. It has given the institution a deadline to take corrective action after reprimanding Danske for risk management “shortcomings.”
“The Financial Supervisory Authority finds it remarkable that the shortcomings have existed for such a long time and considers the bank’s timeframe for fixing them cannot be considered acceptable,” the regulator wrote in a letter to Danske. It told the bank to remedy the situation by June of 2022.
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