Featured Sweden

Swedbank suspends CEO, CFO of Estonian unit

Swedbank said on Monday it had suspended the CEO and CFO of its Estonian business with immediate effect following an investigation into compliance with money-laundering rules at the bank. Sweden’s oldest bank has gone through a turbulent period since being linked to money laundering at Danske Bank, which has said… Read More

Europol highlights Russian money as biggest laundering threat

Europe’s Baltic states are at risk from further Russian money laundering, a top European police official said after several big banks were hit by scandals centred on the region. Pedro Felicio, who is responsible for fighting money laundering at European police agency Europol, told Reuters that “huge inflows of criminal… Read More

Finnish police decline to investigate Nordea complaint

Finnish police have declined to investigate an allegation of money laundering at Nordea made by anti-corruption campaigner Bill Browder’s Hermitage Capital, citing lack of jurisdiction and the statute of limitations. Hermitage Capital Management Ltd requested an investigation last October into transfers of funds to corporate customer accounts at Nordea from… Read More
7th June 2019
The European Commission on Wednesday called on six EU member-states to bolster their anti-money laundering (AML) supervisory and enforcement efforts in light of recent bank scandals and the risks of crypto-assets. The requests highlight recent efforts by Denmark, Estonia, Latvia, Bulgaria, Sweden and Malta… Read More
21st May 2019
Swedbank on Monday called an extraordinary general meeting on June 19 to vote on three new board members as it tries to rebuild its scandal-hit reputation. The Swedish lender has endured a turbulent few months since it was linked to money laundering at Danske Bank, which has said that its… Read More
16th May 2019
Sweden has rejected an appeal from campaigning investor Bill Browder which had urged authorities to pursue a complaint alleging accounts at Swedbank were used to launder money, the Economic Crime Authority (EBM) said on Wednesday. Browder’s complaint was originally filed in March and was dismissed a month later as the… Read More
13th May 2019
The Nordic region’s six major banks are joining forces to set up a customer checking center to crack down on money launderers, part of efforts to recover from a scandal that has shaken confidence in the finance industry. Danske Bank and Swedbank have lost billions from their market value after… Read More
13th May 2019
Swedbank’s nomination committee proposed two new board members and called for an extraordinary meeting to be held before June 21, as Sweden’s oldest lender tries to recover from a money-laundering scandal in the Baltics. Swedbank’s reputation has been marred since it was linked to a money-laundering scandal at Danske Bank,… Read More
10th May 2019
Loomis AB said it would investigate allegations it played a role in a Danish money laundering scandal, the Swedish cash-handling company said on Thursday. At its annual general meeting a day earlier a journalist from Denmark’s TV2 alleged that Loomis was implicated because it had cooperated with a foreign exchange… Read More
26th April 2019
Swedbank admitted to failings in combating money laundering on Thursday and said it was under investigation by multiple U.S. authorities, piling more pressure on the bank as it tries to rebuild its reputation. Sweden’s oldest bank, whose CEO and chairman have both left as money laundering allegations snowballed, is already… Read More
15th April 2019
European lawmakers are urging financial institutions and governments to address dozens of legal and supervisory shortcomings they say contributed to the proliferation of massive money laundering schemes in recent years. In a resolution adopted Thursday, the Council of Europe’s Parliamentary Assembly said that recent money laundering schemes linked to… Read More
11th April 2019
The European Central Bank (ECB) is looking into Swedbank’s Estonian operations, Swedish daily Dagens Nyheter reported on Wednesday, citing an undisclosed source. The ECB wants to know how well Swedbank’s Estonian subsidiary kept itself informed about its customers, the paper said, citing the source. The newspaper also reported, citing the… Read More
10th April 2019
Swedish bank SEB’s fund management arm has cut its stake in rival Swedbank by just over half, citing risks Sweden’s biggest mortgage lender faces due to its alleged involvement in a fast-growing Baltic money laundering scandal. Swedbank has come under heavy criticism from politicians, investors and the general public over… Read More