SWEDEN: RECORD $386 MILLION FINE FOR SWEDBANK OVER MONEY LAUNDERING BREACHES

On 19 March, Reuters reported that Sweden’s FSA has fined Swedbank, the country’s oldest bank, with a record fine of $386 million for serious deficiencies in its management of money laundering risks in its Baltic operations.  It remains under investigation in Estonia and the US.  Swedbank entered the Baltics in the 1990s after the fall of the Soviet Union and it is now the biggest bank in Estonia in terms of market share for services such as deposits and lending.

https://www.reuters.com/article/us-europe-moneylaundering-swedbank/swedbank-hit-with-record-386-million-fine-over-baltic-money-laundering-breaches-idUSKBN2163LU

https://mondovisione.com/media-and-resources/news/finantsinspektsioon-swedbank-fined-for-serious-deficiencies-in-its-measures-to/

If you’d like to help me buy that (badly needed) new laptop or, even better, a new desktop to replace the one now 5,000 miles away – https://www.buymeacoffee.com/KoIvM842y

 

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s