Swedbank Escapes One Probe As Criminal Case Takes Over

Law360, London (November 19, 2019, 12:48 PM GMT) -- Estonia’s financial regulator has dropped its probe into possible misdemeanor violations at a local unit of Swedbank to avoid the risk that it could hinder a criminal investigation into alleged money laundering being handled by the country’s state prosecutor.

The Financial Supervision Authority, known as Finantsinspektsioon, launched an investigation into the Swedish lender over a potential anti-money laundering misdemeanor in October. But the agency said Monday that after it found evidence of criminal misconduct it has closed the probe "to let the criminal case take priority.”

“Finantsinspektsioon is working with the state prosecutor to further the criminal investigation,” the watchdog added. The...

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