Imprisonments
Swedbank AB was penalized in Sweden dated March 19, 2020.
Finansinspektionen had been investigating Swedbank in cooperation with supervisory authorities in Estonia, Latvia and Lithuania since February 2019 after a Swedish broadcaster reported that potentially suspicious transactions may have passed through the bank’s Estonian branch.
The Swedish authority said the bank’s awareness of the risk of money laundering and its processes, routines and control systems had been insufficient. The bank’s Baltic operations were also lacking adequate resources to combat money laundering.
On March 19, 2020, Finansinspektionen, Sweden imposed a fine of SEK 4 Billion on Swedbank AB after an investigation concluded the lender’s Baltic operations had serious deficiencies in its anti-money laundering measures.
Important Dates:
Investigation - February 2019
Penalty - March 19, 2020
Regulating Agency
Finansinspektionen (FI)
Reason:
Anti-Money Laundering & Terrorist Financing Compliance Failures
Entity involved:
Swedbank AB
Source:
www.wsj.com
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