JAK Medlemsbank (JAK) has been deficient in its work to prevent money laundering and terrorist financing. The bank is therefore being issued a remark and must pay an administrative fine of SEK 1.6 million.
Finansinspektionen (FI) has investigated JAK’s compliance with the Anti-Money Laundering and Counter-Terrorist Financing Act with regard to the rules on general risk assessment and customer due diligence.
FI’s investigation shows that the bank’s general risk assessment has been clearly deficient. JAK has also breached several of the rules regarding customer due diligence. For example, the bank has in many cases not identified customers or verified their identity. JAK has also not kept the bank’s customer due diligence records in such a manner that they are easy to access and identify.
Due to these deficiencies, the risk that JAK may have been used for money laundering and terrorist financing purposes has increased.
FI is therefore issuing JAK a remark and an administrative fine of SEK 1.6 million.