Unlock the Editor’s Digest for free
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Klarna has been fined $50mn and given a reprimand by Sweden’s financial regulator for breaking anti-money laundering rules as the buy now, pay later pioneer gears up for a stock market listing.
The Swedish regulator said on Wednesday that Klarna had “significant deficiencies” such as not having any assessments of how it could be used for money laundering or terrorist financing or due diligence processes for all customers in its investigation from 2021-22.
“The anti-money laundering regulations must be followed. It is important to counteract the risk that the firm’s operations could be used by criminals,” said Daniel Barr, director-general of FI, the main Swedish financial regulator.
Klarna said that it took anti-money laundering rules “seriously”. It added that the FI decision was about “rule interpretation and application, and not to actual cases of money laundering”.
This is a developing story
Read the full article here
