Bank faces market-abuse questions related to prior AML issue in Baltic states
Sweden’s Swedbank continues to wrestle with fallout from its prior AML Compliance lapses. The Wall Street Journal reports that Sweden’s financial supervisory body has launched an investigation related to potential violations of the EU’s market-abuse regulations.
According to a release from Swedbank, “The investigation encompasses the period September 20, 2018 until February 20, 2019 and pertains to disclosure of insider information and the obligation to establish an insider list (articles 17 and 18) in connection with the disclosure of suspected money laundering within the company.”
Swedish journalists in 2019 accused the bank of allegedly helping account holders launder billions in illicit funds through its branch in Estonia. Swedish regulators determined that Swedbank’s operations in the Baltic states lacked sufficient AML/KYC controls. Swedish authorities in March of 2020 fined Swedbank $4billion Swedish kronor, which was approximately $386 million US dollars.
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