Featured Estonia

Coronavirus Prompts Swedish Regulator to Delay Decision on SEB Probe

Sweden’s financial supervisory authority has delayed the conclusion of an anti-money laundering assessment of Skandinaviska Enskilda Banken AB due to the coronavirus pandemic. The assessment of the Swedish bank was expected to conclude in April, but the Swedish FSA, known as the Finansinspektionen, said Wednesday that it was now… Read More

Swedbank pulls ex-CEO’s golden parachute over money-laundering crisis

Swedbank (SWEDa.ST) has canceled the severance pay of former CEO Birgitte Bonnesen on Monday after a report by its law firm said she failed to address deficiencies in the bank’s anti-money laundering controls during her years at the helm. Shares in Sweden’s oldest retail bank lost a third of… Read More

Swedbank Publishes Clifford Chance Findings on AML Missteps

Swedbank AB on Monday published a third-party report outlining more than a decade of compliance missteps that led to the Swedish institution’s processing of some $40 billion in transactions deemed to pose a “high risk” of money laundering. The 218-page report by law firm Clifford Chance concluded that, while Swedbank… Read More
20th March 2020
Sweden’s financial watchdog hit lender Swedbank (SWEDa.ST) with a record fine of 4 billion crowns ($386 million) on Thursday for serious deficiencies in its anti-money-laundering work and said the bank had withheld information from authorities. Sweden’s oldest retail bank saw its share price collapse by a third last year… Read More
12th March 2020
An independent investigation of Swedbank’s (SWEDa.ST) anti-money laundering practices has found that transactions totaling $4.8 million potentially violated U.S. sanctions, the Swedish bank said on Wednesday. Swedbank is under investigation by authorities in the United States, Sweden and Estonia for its role in a Baltic money laundering scandal. It… Read More
5th March 2020
Plans by lenders in the Netherlands to tackle complex international money-laundering schemes together have won support from regulators following a seven-month investigation to assess the Dutch financial sector’s exposure to the scandal that engulfed Danske Bank Estonia. De Nederlandsche Bank, or DNB, wrapped up the investigation in December after pinpointing… Read More
25th February 2020
Former Swedbank CEO Birgitte Bonnesen is be questioned by Sweden’s financial crime police about the Baltic money-laundering scandal that has rocked the bank and rival Danske Bank, Swedish newspaper Svenska Dagbladet reported on Monday. Last year, the Swedish bank admitted to failings in combating money laundering and said it was… Read More
4th February 2020
In the criminal case on laundering EUR 50 million in the to-be-liquidated ABLV Bank, a procedure has been launched also against the bank’s shareholder and former board chairman Ernests Bernis, according to Latvian public television’s morning news program De Facto. Bernis told law enforcement institutions that he knows nothing about… Read More
31st January 2020
Denmark’s business watchdog said it has brought two auditors before a disciplinary board after concluding they violated regulations while reviewing Danske Bank A/S, the lender caught up in Europe’s biggest money laundering scandal. The Danish Business Authority said the auditors’ work on the bank’s 2014 financial statements “was… Read More
17th January 2020
Estonian authorities have expanded their investigation into alleged money laundering through Danske Bank’s (DANSKE.CO) local branch to cover transfers of up to $2 billion, the Estonian prosecutor said on Thursday. Widening of the investigation in Estonia adds to pressure on Danske Bank, as the lender and its investors await… Read More
16th January 2020
Officials in the United Kingdom and bankers throughout Scandinavia turned a blind eye to the influx of illicit Russian funds linked to Europe’s biggest money laundering scandals, according to a British financier and anti-corruption activist. In a recent interview for KYC360’s AML Talk Show, Bill Browder spoke to host… Read More
13th January 2020
At Danske Bank A/S, the cost of adapting to a world intensely focused on financial crime just keeps growing. In an interview in Stockholm, the chief executive of Danske in Sweden, Johanna Norberg, said “the peak” level of investment to meet anti-money laundering requirements has “not yet been reached.”… Read More
13th January 2020
Incoming Prosecutor General Andres Parmas says he is making improvements on investigating economic crimes as he starts his tenure, but otherwise no significant changes will be made to the role he has taken over from Lavly Perling. “Certainly things can always be done better and to a better standard,” Parmas,… Read More