Saturday , September 24 2022

Bjorn Vahlroos releases Nordea from money laundering


Nordea is a long hot air. It is a move from a bank in Sweden, criticized for insufficient courtesy of clients and the latest accusation that they are involved in money laundering. President Bjorn Vahlroos, was able to meet all the problems at the annual meeting of the Bank.

– I think that money laundering is a bad concept. As a bank, we are a payment platform that processes millions of transactions without the full knowledge of all. But over the past ten years, we have worked hard to strengthen control, he stressed.

According to him, he has Nordea has a lot of resources, about half a billion euros (five million) to solve the problem. Among other things, it is about building new systems and tightening routines.

Many bank customers have not decided to come with us, says Nordea President Bjorn Vahlroos.

Bjorn Vahlroos is also chairman of the Finnish insurance company Sampo, who had previously sold his banking business to the Danish bank. A part of the bank in Estonia was later discovered as a place for money laundering in Russia.

"There was something that happened after the transfer and I do not share," he says.

But, according to Bjorn Vahlroos, it is important that Russia's views change strongly over the past decade. He does not want closer development of the topic, but it seems that corruption has penetrated from the east on various roads.

As far as Nordeas is concerned the transfer from Sweden, the chairman of the Board of the Bank had no choice. The decision was the best for shareholders and therefore inevitable. But, he would like to let Norde keep the headquarters in Stockholm.

"This issue has been discussed for several years, including Finance Minister Magdalena Andersson. But it was not possible to find a solution that suits the banks, and from our side there was no choice but to move.

What was the main issue was the Swedish banking regulation, where Nordea could make it cheaper instead of having its headquarters in Finland, which is part of the EU Banking Union. This implies fewer demands than in Sweden.

Swedish buyers of Nordea not very satisfied, which is proven by various measurements. Bjorn Vahlroos admits that a bank in Sweden is not considered positive:

"It's partly because Nordea is the result of a merger. Many bank clients have not decided to come with us, he stressed.

Read more:

The money laundering around Nordea is growing

The greatest enemy of Putin is behind the announcement against Nordea

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