Swedbank AML Probe Uncovers $4.8M In Suspicious Activity

Law360, London (March 11, 2020, 2:36 PM GMT) -- Swedbank said Wednesday that an investigation into money laundering has uncovered 586 transactions totaling $4.8 million that could have broken U.S sanctions.

The Swedish lender said it would report the findings uncovered by law firm Clifford Chance LLP to the U.S. Treasury's Office of Foreign Assets Control, which is responsible for enforcing compliance with U.S. sanctions.

Swedbank commissioned the law firm to lead an internal review after it was accused of allowing billons of dollars in illict funds to pass through its Estonian branch in a link to suspected money laundering at Danske Bank A/S.

The bank said 508 of the...

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