Swedbank AB receives a warning and must pay an administrative fine of SEK 4 billion for serious deficiencies in its work to combat money laundering.
Finansinspektionen (FI) has investigated Swedbank AB's governance and control of anti-money laundering measures in the bank's subsidiaries in the Baltics. FI's investigation was conducted in cooperation with the supervisory authorities in Estonia, Latvia and Lithuania. FI has also investigated the bank's work to combat money laundering in its Swedish operations.
FI's conclusion is that Swedbank has demonstrated major deficiencies in its work to combat money laundering in its Baltic operations. The bank's Swedish operations have not lived up to the requirements in the anti-money laundering regulations.