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February 22, 2022: ClearOn fined 14 Million SEK for AML failures

ClearOn receives warning and administrative fine

2022-02-22 | SANCTIONS MONEY LAUNDERING BANK

ClearOn is receiving a warning and must pay an administrative fine of SEK 14 million.

ClearOn AB is a payment institution that has authorisation to provide payment services pursuant to the Payment Services Act (2010:751).

Finansinspektionen has investigated ClearOn’s compliance with the Money Laundering and Terrorist Financing Prevention Act (2017:630) (the Act) with regard to the rules on risk assessment, risk assessment of customers, procedures and guidelines for customer due diligence, and customer due diligence measures. Finansinspektionen’s investigation shows that there have been deficiencies in all reviewed areas.

The deficiencies have been of such a nature that FI assesses there to be grounds on which to intervene against ClearOn. Several of the matters refer to severe violations that have been ongoing for a long period of time. There have therefore been grounds on which to consider withdrawing the company’s authorisation. ClearOn has taken and plans to take a large number measures to address the deficiencies. FI makes the assessment that ClearOn is willing and has the ability to implement these measures and that they will substantially reduce the risk of new or similar regulatory violations.

FI considers that the expectation that ClearOn will address the deficiencies and in the future comply with the regulations is strong enough to be sufficient to issue the company a warning. However, due to the severity and scope of the violations, the warning that FI is issuing to ClearOn is accompanied by an administrative fine.

Link:

Finansinspektionen Press Release

Decision Summary

Categories: Anti-Money Laundering Civil Monetary Penalties Enforcement Actions Finansinspektionen updates

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