Sweden'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.

The Swedish regulator’s investigation revealed shortcomings in Klarna's risk assessment and customer due diligence processes.

Sweden said Klarna had "significant deficiencies" in its general approach to risk assessment, which could lead to money laundering.

Sweden's financial watchdog slapped a 500 million kronor ($45 million) fine on fintech company Klarna for not doing enough to prevent money laundering.

Buy now, pay later firm Klarna has been fined SEK500m (£35.7m) by Sweden’s financial regulator for violating anti-money laundering rules.

Sweden's financial regulator has fined Klarna Bank 500 million Swedish crowns ($46m) for violating anti-money laundering rules.

Sweden FSA fines Klarna Bank 500M crowns for inadequate money laundering risk assessments and lacking due diligence measures. Learn more.

Sweden's financial regulator fined Klarna Bank 500 million Swedish crowns ($46 million) on Wednesday for violating anti-money laundering rules. It said a review of the buy now, pay later company for the year to March 2022 had found significant deficiencies,

Klarna has been fined $50mn and given a reprimand by Sweden’s financial regulator for breaking anti-money laundering rules as the buy now, pay later pioneer gears up for a stock market listing. The Swedish regulator said on Wednesday that Klarna had “significant deficiencies” such as not having any assessments of how it could be used for money laundering or terrorist financing or due diligence processes for all customers in its investigation from 2021-22.