On 25 June, the FT and others reported that SEB is the latest Scandinavian bank to be fined by regulators in a scandal that has hurt northern Europe’s image. The bank, controlled by the Wallenberg family of industrialists, has been fined $107 million for not identifying the risk of potential money laundering in Estonia, Latvia and Lithuania. Estonian regulators have also fined it €1 million. The bank is said to have acted too little and too late.
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