Swedbank Could Face Fines As Dirty Money Probe Escalates

Law360, London (October 29, 2019, 2:48 PM GMT) -- Swedbank could face fines if an investigation reveals flaws in the money laundering controls at the lender’s Baltic operations, Sweden's Financial Supervisory Authority said Tuesday.

Swedbank could be hit with fines of up to 10% of annual group revenue over deficiencies in combating money laundering. (iStock) Swedish and Estonian financial regulators have both said they are considering whether earlier discoveries of deficient defenses against money laundering warrant penalties against Sweden’s oldest lender .

The investigation is connected to allegations that Swedbank AB processed billions in suspect money, mostly from Russian clients, through its Estonia branch from 2010 to 2016. The scandal prompted the...

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