OSLO, Dec 11 Reuters Sweden39;s Financial Supervisory Authority said on Wednesday it had fined Klarna Bank 500 million Swedish crowns 45.59 million for violations of money laundering regulations.

Klarna39;s general risk assessment has had significant deficiencies; for example, it has not contained any assessments of how the bank39;s products and services could be used for money laundering or terrorist financing, the FSA said in a statement.

In addition, the bank has not had procedures and guidelines that capture all situations for when due diligence measures should be taken for customers that use Klarna39;s invoice product, the regulator added.

1 10.9682 Swedish crowns

Reporting by Terje Solsvik, editing by Louise Rasmussen

Source Reuters