Wealthy Swedes swindled at SEB bank

Around 20 well-to-do customers at Swedish bank SEB have been swindled out of more than 50 million kronor ($7.5 million) with at least one employee thought to be involved in the scam.

Wealthy Swedes swindled at SEB bank

Seven people, according to TV4 sources, have been detained on suspicion of involvement in the alleged swindle where an employee at the bank is accused of having transferred sums from the wealthy clients’ bank accounts to a slew of individuals.

“The affected customers have been informed and, as always in this type of incident, the customers will be fully compensated,” the bank declared in a statement.

The firm has taken full responsibility for the breach in procedure and admitted in its the statement that full security is difficult to achieve.

“SEB has a solid and very strict security, but you can never guard completely against criminal behaviour.”

As a result the bank thus stands to lose a significant sum of money in the swindle, reported to be in the region of 52 million kronor.

The bank has confirmed that one of its staff has been arrested in connection with the police investigation, but is otherwise unwilling to divulge further information citing confidentiality.

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Brits in EU risk losing UK bank accounts ‘within weeks’

Some of Britain's biggest banks have begun contacting customers in European Union countries, warning them that their accounts will be closed down within weeks because the cost and complexity of operating without a continuation of pan-European banking rules is too much.

Brits in EU risk losing UK bank accounts 'within weeks'
Lloyds Bank expects to close at least 13,000 accounts. Photo: Lloyds Bank
According to a report in The Times, thousands of Britons who live in Europe face being stripped of their UK bank accounts and credit cards, because of the UK government's failure to agree rules for operating after Brexit. 
Each of the EU's 27 member states has different rules for cross-border bank accounts which will start to apply immediately the UK's transition period ends on 31st December 2020. 
“In some cases, continuing to serve customers would be incredibly complex, extremely expensive and very time-consuming, and simply would not make economic sense,” a source at one British bank told the newspaper. “This is passporting — this is the reality of Brexit.”
If a way is not found to continue pan-European banking rules, or passporting, UK banks will br breaking the law if they don't apply for new banking licenses in each European Union Country. 
Lloyds, Britain’s biggest banking group, began writing to customers in August, warning them that their bank accounts would  close down on December 31.
The bank estimates that 13,000 customers, including those based in Holland, Slovakia, Germany, Ireland, Italy and Portugal, would lose their accounts. 
“If customers have regular deposits into, or payments out of, their account, they will need to make other arrangements before their account is closed,” the bank said. 
Barclays and Coutts have also started contacting customers. 
“In light of the UK leaving the EU at the end of 2020, we continue to review the services we offer to customers within the European Economic Area (EEA), and any impacted customers will be contacted directly,” Barclays said in a statement. “The timings for account closure will depend on the type of product that a customer holds, but we will always give notice to customers.”
“In the event that no alternative to the European Economic Area passporting regime for financial services is agreed between the UK and EU, we have taken the difficult decision to withdraw from offering our services to clients who reside in the EEA,” Coutts said.