AML Compliance issues in Estonia continue to unfold


News

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Swedbank suspends two executives at its Estonia branch

Money-laundering allegations that led to an internal investigation related to banks in Estonia resulted in the suspensions of two top Swedbank officials there. According to a WSJ report, Swedbank suspended both the CEO and CFO at its branch in Estonia.

Journalists in Sweden have asserted that billions in laundered money—much of it Russian– may have passed through the bank’s branch in Estonia. AML and financial-crimes investigators in various European jurisdictions and the U.S. are investigating, as well.

Swedbank last fall asserted that it had no connections to customers involved in money-laundering allegations related to other banks with branches in Estonia. But early in 2019 Swedish journalists pushed for explanations of investigatory revelations that appeared to contradict those claims by Swedbank.

Swedbank endured a police raid in Stockholm in March of 2019, and it fired its CEO shortly after. In April, the Stockholm-based bank initiated new plans to assess its handling of AML Compliance and financial crimes. It also hired an outside firm to commence an internal investigation.

Swedbank has provided a series of corporate responses to the various news developments related to its AML Compliance efforts and assessments. To read Swedbank’s press releases and other updates related to its AML Compliance, click here.

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