15th May 2020
The European Commission says that Estonia has not fully implemented the European Union Fourth Anti-Money Laundering Directive (4MLD). The commission sent a letter of formal notice to Estonia Thursday, stating that Estonia, in the commission’s opinion, has not correctly transposed the 4MLD, which concerns the misuse of a member state’s… Read More
30th April 2020
At times it can seem as if Swedbank’s recent history has been taken from the plot of a Nordic noir novel. There is a procedural bleakness to the Swedish bank’s money laundering scandal and a complexity to it all that does little to resolve the moral ambiguities of institutional malfeasance. Read More
29th April 2020
By Sanne Wass, S&P Global Market Intelligence, 27 April 2020 Read more at S&P Global Market Intelligence Photo (cropped and edited): Finn Årup Nielsen [CC BY-SA 3.0] RiskScreen: Eliminating Financial Crime with Smart Technology… Read More
26th March 2020
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
24th March 2020
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
24th March 2020
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