Featured Sweden

Swedbank revamps management after money laundering probe

Swedbank (SWEDa.ST) said on Monday its chief risk officer was leaving as the Swedish bank’s new CEO revamps its structure to regain customer trust after a money laundering scandal sent its shares down 40% in the past year. Helo Meigas will leave the bank along with head of… Read More

A Murdered Central Banker’s Warning Changed Everything for SEB

Not all money laundering scandals are equal. When the world learned that billions in dirty funds had flowed through Danske Bank A/S and Swedbank AB, it proved disastrous for the two lenders. But when SEB AB was accused of similar offenses, people were more forgiving. The difference can be traced… Read More

IMF to examine Nordic efforts to stop money laundering in the Baltics

The International Monetary Fund will examine efforts by Nordic banks and regulators to stop money laundering in the region and the Baltic countries, Sweden’s central bank said on Thursday, following a string of alleged lapses. Nordic banks have been hit by a steady stream of allegations over failures to combat… Read More
29th November 2019
There’s a tombstone in northeastern Moscow that bears the portrait of a man with a friendly yet somewhat uneasy smile. His name is Sergei Leonidovich Magnitsky. He was born in April 1972 in Odessa, Ukraine, and died in November 2009 in Moscow. To this day, 10 years after the fact,… Read More
28th November 2019
The Wallenberg family has jumped to the defense of its bank, SEB AB, after it was accused of enabling Russian money laundering. Shares in SEB rose more than 4% on Wednesday after the Wallenbergs led investors in brushing off a report by Swedish state broadcaster SVT, which said the bank… Read More
27th November 2019
Swedish Television (SVT) reported on Wednesday that it had obtained a list of 194 clients of Swedish bank SEB (SEBa.ST) connected to suspected money laundering in Estonia. The public broadcaster’s investigative show “Uppdrag Granskning” reported that the client list, which also showed about 2,000 transactions, contained “red flags”… Read More
22nd November 2019
Swedbank AB may have violated U.S. sanctions against Russia by facilitating the transfer of about 10 million Swedish kronor ($1 million) from gun maker Kalashnikov to a U.S. subsidiary in Florida, according to a report by Swedish state broadcaster SVT. After Russia annexed Crimea in 2014, the U.S. imposed sanctions… Read More
21st November 2019
Russian oligarch Mikhail Abyzov built a complex network of offshore companies that were used to move a fortune out of Russia, according to a Swedbank internal draft report obtained by OCCRP and its Swedish partner, national public TV channel Sveriges Television (SVT). Today he’s charged with defrauding the Russian government… Read More
20th November 2019
SEB AB said it’s terminated business with the vast majority of customers identified by Swedish public broadcaster SVT in an investigative piece on money laundering. The bank has compared the 194 names provided by SVT with its own analysis and found that the clients had “previously been handled,” the… Read More
19th November 2019
Estonia’s Financial Supervision and Resolution Authority said on Monday it was dropping an investigation into Swedbank’s (SWEDa.ST) Estonia unit as the probe was now a criminal proceeding being handled by the country’s prosecutor. “The Financial Supervision Authority launched a sanction proceeding on October 28 to investigate the signs… Read More
18th November 2019
The prospect that another big Nordic bank will be dragged into the widening scandal over money laundering in the Baltics rattled investors Friday. Shares of Sweden’s SEB AB plunged the most since the peak of the financial crisis after the bank said it was contacted by SVT, the nation’s… Read More
15th November 2019
Denmark’s financial regulator has ordered the Danish unit of Swedish Handelsbanken (SHBa.ST) to strengthen its anti-money laundering efforts and revise its risk evaluation, the watchdog said on Thursday. “The branch’s inherent risk of being misused for money laundering or terrorist financing is normal to high compared to the… Read More
12th November 2019
With flames leaping from the stage, ear-splitting music pumping from loudspeakers and a screaming crowd, the sell-out event at London’s Wembley Arena seemed more like a rock concert than a financial sales conference. But as Alicia Key’s Girl On Fire began to fade, an electrified silence swept across the auditorium… Read More