EPISODE · Nov 21, 2022 · 21 MIN
E39: How a naive compliance culture opened the doors for money-laundering.
from The Laundry
This week's special guest is Swedbank's former Chief Compliance Officer Viveka Strangert, also known through media as the "whistleblower" in the massive money laundering scandal.Swedbank was fined 4 billion SEK (€389.8m) in 2020 by Sweden's financial watchdog for severe deficiencies in its AML processes and for withholding information from authorities investigating its role in the scandal, which also implicated Denmark's Danske Bank. Was these scandals a result of a cultural problem? We will try to discover that in our fascinating chat with Viveka.From this episode, you'll learn:00:59 - 04:15: What happened, and what was Viveka's involvement in the Swedbank case?04:15 - 06:04: What it was like for Viveka to testify in court in such a big case.06:16 - 10:05: How these high-profile scandals have changed the culture of compliance among Nordic banks.10:06 - 14:52: Why the "tone from the top" is crucial to building a culture of compliance.15:22 - 16:13: Are the banks and FIs still as naive today as in 2016 when the Swedbank scandal happened?16:14 - 17:21: What advice would Viveka give young up-and-coming compliance officers?17:45 - 19:03: Over-regulation and the negative consequences.Tune in and enjoy! Hosted on Acast. See acast.com/privacy for more information.
What this episode covers
This week's special guest is Swedbank's former Chief Compliance Officer Viveka Strangert, also known through media as the "whistleblower" in the massive money laundering scandal.Swedbank was fined 4 billion SEK (€389.8m) in 2020 by Sweden's financial watchdog for severe deficiencies in its AML processes and for withholding information from authorities investigating its role in the scandal, which also implicated Denmark's Danske Bank. Was these scandals a result of a cultural problem? We will try to discover that in our fascinating chat with Viveka.From this episode, you'll learn:00:59 - 04:15: What happened, and what was Viveka's involvement in the Swedbank case?04:15 - 06:04: What it was like for Viveka to testify in court in such a big case.06:16 - 10:05: How these high-profile scandals have changed the culture of compliance among Nordic banks.10:06 - 14:52: Why the "tone from the top" is crucial to building a culture of compliance.15:22 - 16:13: Are the banks and FIs still as naive today as in 2016 when the Swedbank scandal happened?16:14 - 17:21: What advice would Viveka give young up-and-coming compliance officers?17:45 - 19:03: Over-regulation and the negative consequences.Tune in and enjoy! Hosted on Acast. See acast.com/privacy for more information.
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E39: How a naive compliance culture opened the doors for money-laundering.
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