Featured Sweden

Swedbank to Release AML Report on Friday

Swedbank will publish the findings of a third-party investigation into whether it processed over $10 billion linked to a purported Russian money laundering network, the institution said Monday. The Stockholm-based lender hired Forensic Risk Analysis to conduct the analysis in February following a report by Swedish television company SVT alleging that the… Read More

Swedbank report showed $10 billion ‘suspicious’ Baltic payments: Swedish TV

An internal Swedbank report in September detailed “suspicious” transactions totaling around $10 billion between customers of Swedbank and Danske Bank in the Baltics from 2007 to 2015, Swedish state television SVT reported. Swedbank said on Friday the figure reported by SVT was the gross amount of transactions with Denmark’s Danske… Read More

Sweden needs to strengthen system to fight money laundering: FSA chief

Sweden’s financial watchdog said on Thursday that it had not been too lenient in dealing with Swedish banks over money laundering though the system to deal with the issue needed to be strengthened in the Nordic country. “We have not been too kind,” Swedish Financial Supervisory Authority Director General Erik… Read More
8th March 2019
Compliance and anti-money laundering staff are in hot demand in the Nordic financial sector following tougher regulations and a string of scandals involving the region’s top banks Danske Bank, Nordea and Swedbank. Compliance officers ensure banks meet industry regulations that have mushroomed since the financial crisis a decade ago, and… Read More
7th March 2019
Bill Browder, an investor who campaigns to expose corruption, has filed a criminal complaint with Swedish authorities over Swedbank’s alleged link to a Baltic money laundering scandal involving Danske Bank. Several European and foreign banks have been dragged into the Danske Bank scandal, which centers on suspicious transactions totaling 200… Read More
3rd March 2019
Hermitage Capital’s founder Bill Browder said on Friday he plans to file criminal complaints with several authorities, including in Sweden, over Swedbank’s alleged link to a Baltic money laundering scandal involving Danske Bank. Browder, once the biggest foreign money manager in Russia and who now campaigns to expose corruption, has… Read More
28th February 2019
The U.S. embassy in Sweden has asked the country’s financial watchdog FI for a meeting to discuss allegations about Swedbank’s involvement in a Baltic money-laundering scandal. The move raises questions whether the U.S. authorities will seek to investigate Swedbank. A FI spokesman said on Thursday it had received a letter… Read More
26th February 2019
Swedbank said on Tuesday it had hired external forensic auditors to investigate information in a media report linking the bank to a Baltic money laundering scandal, replacing recently appointed audit firm EY. Sweden’s public broadcaster alleged last week that money laundering could have occurred in relation to at least 40… Read More
22nd February 2019
Swedish and Estonian finance watchdogs have opened a joint investigation into allegations that Swedbank played a role in the Baltic money laundering involving Danske Bank, the two supervisory bodies said on Thursday. A Wednesday Swedish TV report alleged that money laundering could have occurred in relation to at least 40… Read More
21st February 2019
Estonia is investigating allegations linking Swedbank to suspicious transactions in the country involving Danske Bank, Estonia’s state prosecutor said on Wednesday. Danske is being investigated in its home market of Denmark, Estonia, Britain, France and the United States over some 200 billion euros (174 billion pounds) in payments from Russia,… Read More
5th December 2018
Sweden is likely to become cashless within the next five years, the deputy governor of the country’s central bank, Cecilia Skingsley, predicted on Tuesday. The use of notes and coins has been declining in Sweden for years and instant mobile phone payments and other new technologies means it is has… Read More
31st October 2018
A recent review into Nordea Bank by Sweden’s Financial Supervisory Authority (FSA) has identified some deficiencies in its anti-money laundering controls. The FSA picked up weaknesses in areas such as risk assessment and client knowledge, Bloomberg reports, citing a FSA letter to Nordea’s management. “The regulator has given Nordea a… Read More
25th October 2018
British-based businessman Bill Browder has reportedly accused Nordea Bank of processing $405 million is suspicious funds, adding more details about the banks he alleges helped launder dirty money from Russia. Nordea is listed in a criminal complaint filed to Finish authorities, Bloomberg said, adding that Finland’s National Bureau of Investigation… Read More