Foreign exchange bureau group Forex was slapped with a maximum fine over 'deficiencies in its management of money- laundering issues,' the Swedish financial watchdog said Wednesday.
Forex, which has operations in Sweden, Denmark, Finland, Norway and Iceland, was ordered to pay a 50-million-kronor (7.8-million- dollar) fine, the Swedish Financial Supervisory Authority said.
The deficiencies included failing to verify the identity of customers exchanging money and scrutinizing suspicious transactions at branches it operates at airports, railway stations and ferry terminals, the watchdog said.
'Forex has been wide open to money-laundering,' Erik Saers, acting head of the Swedish Financial Supervisory Authority, told reporters.
Issuing a fine was seen as sufficient since Forex had launched 'an action plan' that would be closely monitored, he added.
In a separate move, the watchdog said it immediately had withdrawn the permit from Nordic Growth Market (NGM) that operates on the Nordic Derivatives Exchange, citing the company had 'obstructed' the agency's supervision.
'Major owners, board members and the CEO have all been involved,' Saers said, adding that the measures were 'not linked' to the ongoing financial turbulence.
Saers said NGM had six months to terminate its operations.
Helene Bergquist, chairwoman of NGM Holding and NGM, said the decision was 'most regrettable,' adding that the board was to investigate if it could appeal the decision.
Source: M & G
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