SWEDEN - Swedish insurance company Folksam is facing allegations that it offered clients money-laundering opportunities.
The claims emerged on television station TV4, where one of Folksam's staff told an undercover journalist that it would be possible to hide money from tax authorities in one of the company's pension products.
While the Swedish financial intelligence unit (FIU) is dealing with the accused member of staff, the financial supervisor Finansinspektionen has requested a written report from Folksam to ensure that all staff are being trained on what constitutes money laundering and other criminal offences.
The statement has to be handed in by September 8.
If the report is unsatisfactory "we might go for a full inspection but that is only a second step", FI's Mira Naumanen told IPE.
In an online statement Folksam distanced itself from the statements made by this one employee, saying they were against the law and against company instructions and regulations.
It said an internal investigation had been started right away.