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27th March 2019

Swedbank report shows it failed anti-money laundering obligations – Swedish TV

An internal Swedbank report identified major breaches of anti-money laundering obligations involving its business in Estonia, Swedish public broadcaster SVT said on Tuesday after having obtained a copy. Swedbank said the draft report cited by SVT had been included in a wider external investigation which it announced last week and… Read More

8th March 2019

Scandals turn compliance staff into ‘rock stars’ of Nordic banking

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

Sweden studies Swedbank complaint by anti-corruption investor Browder

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

5th March 2019

Leaked Documents Point to Russian Money Laundering Network: Reports

Leaked documents indicate that Nordea Bank and other institutions processed billions of euros in suspicious transactions from a network of shell companies, Finnish television network Yle reported Monday. The data leak shows that 700 million euros flowed through the bank despite signs that at least some of the funds could likely… Read More

3rd March 2019

Investor Browder to file criminal complaint against Swedbank ‘soon’

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

26th February 2019

Swedbank replaces EY with forensic auditors to investigate money laundering report

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

21st February 2019

Estonia investigates alleged Swedbank link to money laundering scandal

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

21st February 2019

Estonia orders Danske Bank to shut down following money laundering scandal

The Financial Supervision Authority of Estonia (FSA) has ordered Danske Bank’s local unit to cease operating and finalise its affairs within eight months, citing its financial crime scandal which revealed that €200 billion was allegedly laundered through its system. In a statement, the Estonian regulator said the bank would… Read More

14th February 2019

Estonia drops anti-money laundering legislation before election

Estonia’s parliament has dropped a proposed law that would have toughen rules on money-laundering, a parliamentary spokeswoman said on Wednesday. Lawmakers told Reuters they expect the proposal, drafted after a scandal involving Denmark’s Danske Bank, to be revived later this year following a March 3 general election. “The current parliament… Read More

13th February 2019

EU needs stronger anti-fraud curbs, lawmakers say, after Danske scandal

The European Union needs tougher anti-fraud controls including a central body able to enforce laws against money laundering, European lawmakers said on Friday, describing financial crime as as a security problem for the continent. Curbs should be more uniform across the EU and its framework for swapping financial intelligence is… Read More

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