Nordea Says It Culled Suspicious Accounts to Fight Laundering
- Biggest Nordic bank says it has made substantial improvements
- Danske scandal has raised questions about other Nordic banks
Photographer: Mikael Sjoberg/Bloomberg
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As the money laundering scandal engulfing Danske Bank A/S threatens to taint other Nordic lenders, Nordea Bank Abp says it has spent years getting rid of suspicious customers in a move designed to dramatically reduce its exposure to such risks.
Julie Galbo, chief risk officer at the Helsinki-based bank, said in a phone interview that she can’t rule out the possibility that Nordea might have been used by money launderers. But she also says the bank has invested heavily in measures to fight such financial crime and has exited risky portfolios since being fined by Swedish authorities three years ago.