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NORDEA

Card fees halved in new deal

A deal that will lead to credit card charges being halved for many shops has been signed by retail trade organisation Svensk Handel and Nordea Bank.

The deal, which will apply to all Svensk Handel’s members, will cover all cards used in Sweden. Payment with a debit card issued in Sweden, the rest of the EU or Norway will cost retailers 99 öre per purchase.

For credit or charge cards the fee will be 99 öre plus 1.52 percent of the total transaction. Payment with other foreign cards will be 99 öre plus 2.05 percent.

The deal does not cover American Express or Diners.

Svensk Handel and Nordea say they hope the deal will lead to fewer cash payments and that the number of robberies of shops and cash transport vehicles will fall.

TT/The Local

BANK

Police to investigate Nordea bank over money laundering

Danish police will investigate the Swedish bank Nordea after a year-long probe by regulators into money laundering led to "criticism" of its procedures, the bank said Friday.

Police to investigate Nordea bank over money laundering
Photo: Marcus Ericsson / TT

Detectives will examine how money laundering rules were followed at the bank's Danish subsidiary and could result in “sanctions”, Nordea said in a statement.

“We realize that we initially underestimated the complexity and the time it takes to change our procedures,” said Nordea chief executive Casper von Koskull.

The bank added that 850 Nordea employees are currently involved in the fight against money laundering which the bank plans to increase to 1,150 by the end of the year.

In May 2015 the bank was fined 50 million kronor (€5.4 million euros) – the maximum possible – by Swedish regulators who accused Nordea of “not following money laundering rules for several years” and failing to “evaluate the risks of (doing business with) certain clients”.