Famous watchmakers laundered money for criminals

Published January 8, 2022 at 15.01

The royal court supplier Rob. Engström AB is required to pay SEK 8.5 million after the decision of the Court of Appeal and has now appealed to the Supreme Administrative Court in order to avoid the fee completely.

The Court of Appeal in Stockholm sharpened the administrative court’s previous rulings concerning Nyman’s ur and Rob Engström and considers that the violations of the money laundering regulations have been so serious that it justifies sanction fees of SEK 6 million and SEK 8.5 million, respectively.

With regard to Nymans Ur, the Court of Appeal writes that the company has treated all payments below the limit amount of 5,000 euros as low-risk payments without a requirement for customer knowledge. The random checks made by the County Administrative Board show that the company’s customers have been able to make several cash payments that have been less than the limit amount but together amounted to an amount that exceeded the limit value, which is contrary to the money laundering regulations.

Deliberately circumventing
It has also been possible to buy gift cards for cash payment below the limit value and then buy an expensive watch for all gift cards at one and the same time. The company has also registered transactions on different customer cards for the same customer. In many of the cases examined, there has been no information about who the customer is and considerable amounts have thus been evaded from control.

“The procedure that the company has used in customer payments appears to be a deliberate circumvention of the regulations and the violations are therefore extremely serious,” the Court of Appeal writes and continues:

“Furthermore, the company’s general risk assessment has been so deficient that it has not been able to form the basis for the company’s routines, guidelines and other measures that the company must take to reduce the risk of money laundering and terrorist financing.”

Source: Fria Tider by www.friatider.se.

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