The most prominent banking firm in the Nordic region, Nordea Bank, which banned Bitcoin (BTC) earlier in the year with reason that money laundering had plagued digital currency, has been caught in a major money laundering scandal after allegedly receiving illegal money from two Baltics banks.
According to a report by state-owned publication in Finland Yle, the Sweden financial watchdogs have received convincing evidence that could corroborate the money laundering allegations against the bank. Nordea bank stated that:
“We are aware of the report, and at Nordea, we work closely with the relevant authorities in the countries in which we operate, including the Nordic Financial Intelligence Units.”
Nordea Bank Bans Bitcoin
In February 2018, Nordea Bank placed an embargo which forbade its employees from buying or selling of cryptocurrencies owing to its lack of adequate regulation and the fact that there is a notion that it facilitates money laundering. According to the bank, the impact that this notion could have on the investors might be unfavorable. Afroditi Kellberg, a spokesperson for the bank, explained that:
“It is widespread practice across the banking industry to restrict the personal account dealing of staff to prevent them taking positions in speculative investments, or which might expose them to a risk of financial loss and therefore impact their financial standing. Nordea therefore, like all banks, has the right to set out policies in this area that apply to its staff.”
Money Laundering Allegations
Reports by mainstream media platforms suggest that more than 365 individual Nordea accounts received payments of over 150 million Euros ($171 million) from shell companies alleged to have run illicit or illegal operations. In the space of a week, intensive investigations might commence into the activities of the bank.
Similarly, we have witnessed how one of Denmark’s biggest financial institution, Danske Bank was caught up in a money laundering allegation that cost them about $243 billion. The similarity between this bank and that of Nordea is they both placed a ban on Bitcoin owing to money laundering notions, ironically; they got caught in money laundering allegations.