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...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!