Swedbank Fined $386M Over Money Laundering Failures

Law360, London (March 19, 2020, 6:45 PM GMT) -- Sweden’s financial regulator slapped Swedbank with a record 4 billion Swedish krona ($385.7 million) fine Thursday for serious money laundering failures at its Baltic operation.

Swedbank is on the hook for 4 billion Swedish krona after failing to address deficiencies in its money-laundering risk management. (Getty) Finansinspektionen, known as FI, said it found the bank had serious deficiencies in its management of the risk of money laundering following an investigation into Swedbank's Baltic subsidiaries. According to the regulator, Swedbank had been aware of the failings but did not take “proper and sufficient action.” The bank also withheld documents and information from FI that...

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