Swedbank report shows it failed anti-money laundering obligations: Swedish TV

Construction workers push cart past Swedbank local headquarters building in Tallinn
Construction workers push cart past Swedbank local headquarters building in Tallinn, Estonia March 25, 2019. REUTERS/Ints Kalnins

March 26, 2019

STOCKHOLM (Reuters) – An internal Swedbank report identified major breaches of anti-money laundering obligations involving its business in Estonia, Swedish public broadcaster SVT said on Tuesday after having obtained a copy.

Swedbank said the draft report cited by SVT had been included in a wider external investigation which it announced last week and had been made available to authorities.

The Swedish bank conducted a review of its Estonian branch after rival Danske Bank revealed its operation there had been used to funnel some 200 billion euros ($227 billion) of suspicious payments between 2007 and 2015.

“Major breaches of AML obligations identified in Swedbank Estonia,” SVT quoted the English summary of the report, written by a Norwegian lawyer, as saying.

SVT also said that Swedbank, which is the subject of a joint investigation by Swedish and Baltic regulators, accepted customers posing a high risk of money laundering and “failed to report suspicious transactions and activities.”

Swedbank said it was continuing to conduct a deeper analysis of the information and working with external partners and authorities in investigating the money laundering allegations.

(Reporting by Simon Johnson and Johan Ahlander; Editing by Alexander Smith)

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