Norway’s financial watchdog has found “serious deficiencies” in anti-money-laundering compliance at Svenska Handelsbanken AB’s Norwegian branch, according to a Bloomberg report published Thursday.

Norway’s Financial Supervisory Authority identified the shortcomings following an on-site inspection carried out in March 2024, according to the news outlet. The regulator said the branch showed weaknesses in risk assessments, routines, and customer due diligence, along with shortcomings in the ongoing follow-up of customer relationships and outsourcing.

The watchdog also identified regulatory violations tied to investigations and reporting, internal controls, and training, Bloomberg said. Among the steps taken, Handelsbanken has centralized certain processes to improve quality and compliance and has reorganized its AML controls. 

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