The Nordea Bank that banned Bitcoin in January is in today’s crypto news because of a money laundering scandal where allegedly the financial group was receiving foul money from the Baltics.
Nordea said in a report:
“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.”
The Nordea Bank prohibited its employees in January from buying and trading cryptocurrencies such as Bitcoin because of its unregulated nature.
A spokeswoman for Nordea Bank explained:
“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.”
Kellberg, the spokeswoman referenced the lack of regulation in the crypto space and expressed concerns for the possibility of using digital assets to do money laundering and that investors will be under the biggest impact.
Nordea spokesperson also noted that they would gladly cooperate with major central EU banks and the entire European Banking Federation to develop a regulatory framework for cryptocurrencies.
The crypto sector hurried to criticize the controversial decision of Nordea Bank where many analysts believed that this decision was made without a legal basis.
On the money laundering aspect, according to SLE reports, more than 300 Nordea accounts received payments of more than 150 million euros from shell companies that allegedly run illegitimate operations.
The Finnish authorities will cooperate with Swedish authorities and will launch a full investigation on Nordea Bank.
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