After an investigation linked to the money laundering regulations, the Financial Supervisory Authority has discovered that Loomis has failed in the risk assessment.
In some cases, the company shall not have collected any information whatsoever about its customers. During the period when the company was audited, Loomis handled cash deposits of SEK 11.7 billion from foreign banks without taking sufficient measures to check where the money came from.
Must prevent criminal activity
The risk assessment is a central part of preventing money laundering and the Financial Supervisory Authority takes a strict view of violations. Loomis therefore receives a fine of SEK 40 million and a reprimand.
– The risks of money laundering are particularly high in cash-intensive companies. It places far-reaching demands on such companies to take measures to prevent them from being used for criminal purposes, says Daniel Barr, director general at FI, in a press release.
Loomis was recently under scrutiny for money laundering
Loomis was noticed when Uppdrag grunskning recently revealed that around 10 billion leaves Sweden annually – money that is largely suspected to come from crime.
After the money has been smuggled out of the country, it is exchanged for another currency and then sold back. The company that receives the money and counts it is Loomis, which is the only so-called value company that handles cash.
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See SVT’s review of cash smuggling in Sweden. Photo: SVT