The Swedish Financial Supervision Authority (FI) said on Thursday it had fined the Swedbank 4 billion Swedish kronor ($389 million) for failure to prevent money laundering operations
STOCKHOLM (Pakistan Point News / Sputnik - 20th March, 2020) The Swedish Financial Supervision Authority (FI) said on Thursday it had fined the Swedbank 4 billion Swedish kronor ($389 million) for failure to prevent money laundering operations.
The scandal involving Swedbank erupted in February 2019, when the local SVT broadcaster published its investigation, alleging that the bank had been engaged in money laundering schemes through its Estonian branch and had processed at least $3.8 billion worth of suspicious transactions from 2007-2015.
"The investigation shows that Swedbank AB has been aware of suspected money laundering activities in the Baltics. Despite several internal and external reports warning about deficiencies in the Baltic subsidiaries and the risk of money laundering, the bank did not take proper and sufficient action," the statement says.
It is noted that the fine should not cause serious financial damage to the bank itself or its customers.
The Swedish watchdog said it had conducted its investigation together with Estonian colleagues.
