Sweden fines bank for not properly fighting money laundering

Sweden fines bank for not properly fighting money laundering

  • 0

STOCKHOLM (AP) — A big Scandinavian bank has been fined for not taking strong enough action to reduce the risk of money laundering. The fine comes after several banks in the region were caught handling dirty money flowing mainly through units in the Baltic states.

Sweden’s financial supervisory authority said Thursday it had imposed a fine of 1 billion kronor ($150 million) on Skandinaviska Enskilda Banken AB, known as SEB, for "deficiencies in identifying and managing the risk of money laundering" at its its Baltic subsidiaries.

The agency's investigation covered the period from 2015 to the start of 2019.

Several Nordic banks have been found to have handled dirty money, largely through subsidiaries in the Baltic countries that they had acquired in previous years.

Among the biggest is Denmark's Danske Bank, which has admitted to massive money laundering at its Estonian subsidiary. An internal investigation found that some 200 billion euros ($226 billion) that had flowed through the bank’s accounts from 2007 to 2015 was suspicious in nature.

Last year, Swedish authorities launched an investigation into Swedbank, another Swedish bank with links to the Danske Bank case.

The probe will look at whether 15 of Swedbank’s largest shareholders received information that the bank was connected to the money laundering scandal before a TV report last week broke the news.

Swedish broadcaster SVT reported that Swedbank customers had been able to funnel at least 40 billion kronor ($6.1 billion) between Swedbank and Danske Bank in Estonia.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.


Be the first to know

* I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.

Related to this story

Most Popular

CANBERRA, Australia (AP) — Australian Prime Minister Scott Morrison said Thursday his government was considering an offer of safe haven to Hong Kong residents threatened by China’s move to impose a tough national security law on the semi-autonomous territory.

  • Updated

BELGRADE, Serbia (AP) — Thousands of protesters fought running battles with police and tried to storm the parliament building in Belgrade on Tuesday after the Serbian president announced that a coronavirus lockdown will be reintroduced in the Balkan country.

  • Updated

NICOSIA, Cyprus (AP) — Cyprus’ beleaguered tourism sector got some good news after the government announced on Friday that travelers from the U.K. will be allowed entry into the east Mediterranean island nation next month without having to undergo a compulsory 14-day quarantine.

Get up-to-the-minute news sent straight to your device.


News Alerts

Breaking News