Swedbank will pay SEK 4 billion in penalties for deficiencies in money laundering management in the Baltic States. SVT Assignment review revealing suspected money laundering in Swedbank 2019. SVT News broadcasts directly 18.25.
Swedbank may have been used for extensive and systematic money laundering for nearly a decade, Assignment Review revealed in February 2019.
The CEO was fired
A total of at least SEK 40 billion has been closed between suspected accounts in Swedbank and Danske Bank in the Baltic States.
Following the disclosure, Swedbank’s CEO Birgitte Bonnesen was fired .
Then the motivation sounds
Finansinspektionen now announces that Swedbank will pay SEK 4 billion in penalty fee:
“Swedbank AB has had serious shortcomings in the work to counter money laundering risks in its Baltic operations,” Finansinspektionen writes in a press release .
The Inspectorate also writes that Swedbank must “take measures to improve its systems for countering money laundering risks as the current ones do not meet the requirements of the money laundering regulations”.
Knew money laundering
Two parallel surveys of the parent company Swedbank AB and its subsidiaries in Estonia (Swedbank AS) show that Swedbank knew of suspected money laundering in the Baltic States.
“However, despite several internal and external reports that have warned of shortcomings in the Baltic subsidiaries and the risks of money laundering, the Bank has not taken appropriate and adequate measures.”
Swedbank must also withhold documentation and information for both the Swedish and Estonian Financial Supervisory Authorities, writes Finansinspektionen .
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