Featured Sweden

IMF asked to evaluate Nordic and Baltic money laundering prevention

The International Monetary Fund (IMF) is asked to conduct an independent evaluation of money laundering prevention in the Nordic and Baltic region, a member of the Bank of Lithuania’s board said Wednesday. “A regional monetary prevention evaluation will be performed,” Marius Jurgilas told members of the Seimas Committee on Budget… Read More

Swedbank removes three executives from Estonian unit

Swedbank has removed three executives from its Estonian business and appointed their replacements, including a new head of the unit embroiled in an international money laundering investigation. The Swedish lender has already fired its CEO and its chairman resigned in the wake of the allegations being investigated by authorities in… Read More

Swedbank to allow prosecutor to question lawyer over money laundering

Swedbank (SWEDa.ST) has moved to end a spat with one of the authorities investigating possible money laundering at the bank’s Estonian business by granting permission for it to interview the lawyer who carried out an internal probe into the allegations. The Swedish lender fired its CEO and its… Read More
6th September 2019
Ever since the 2008 financial crisis, US financial misconduct fines have led the world.  However, defenders of Europe’s more collegiate approach to tackling banks’ money-laundering shortcomings say US banks also lead the world for de-risking, shunning some of the globe’s poorest countries from access to the dollar system. … Read More
30th August 2019
The new chief executive officer of Swedbank AB says he’s all for transparency, after his predecessor misled the public about money laundering and was fired. But he also made clear he won’t do anything to diminish client privacy. Jens Henriksson, the 52-year-old chosen by Swedbank’s board to steer it… Read More
29th August 2019
Swedbank (SWEDa.ST) has appointed Jens Henriksson, chief executive at insurance group Folksam, as its new CEO as it tries to rebuild confidence in the bank after a money-laundering scandal. Sweden’s oldest retail bank earlier this year dismissed its chief executive, accepted the resignation of its chairman and lost… Read More
26th August 2019
The Swedish Financial Supervisory Authority (FSA) will publish the conclusions of its probe into alleged money laundering in the Baltics by the beginning of next year, it said on Friday, pushing back the deadline by several months. Swedbank (SWEDa.ST), Sweden’s oldest retail bank, has lost more than a… Read More
22nd July 2019
Swedish cash-handling firm Loomis AB (LOOMb.ST) reported flaws in its anti-money laundering oversight on Friday and vowed to fix them. Loomis launched an investigation into its operations in May after a journalist alleged it was implicated in a Danish money laundering scandal involving foreign exchange agencies. Danish authorities… Read More
22nd July 2019
Efforts to improve anti-money-laundering controls continue to weigh on the financial results of Nordic banks, which have faced allegations in recent months of moving dirty money. The region’s largest lenders— Swedbank AB, Nordea Bank ABP and Danske Bank A/S—said this week that investments in new compliance systems and… Read More
18th July 2019
Swedbank AB acknowledged it will no longer be able to live up to its goal of paying out one of the highest dividend ratios in the Nordic finance industry. Sweden’s oldest bank, which is dealing with the fallout of a money laundering scandal that… Read More
10th July 2019
Former French President Francois Hollande was questioned by police in France earlier this month as a witness in a Brazilian corruption investigation into a deal to buy combat jets, a source close to the politician said. Hollande’s predecessor Nicolas Sarkozy refused to be questioned as part of the same probe,… Read More
8th July 2019
The Nordic region’s six major banks announced the creation of a customer checking center on Friday, with the initiative expected to help their efforts to crack down on money launderers and recover from a scandal that has damaged the sector’s reputation. The news confirms a Reuters report about the venture,… Read More
20th June 2019
Swedbank shareholders elected Goran Persson as chairman on Wednesday, with the former Swedish Prime Minister pledging to “clean the house” after a money-laundering scandal. Sweden’s oldest retail bank has lost its chief executive, chairman and a third of its stock market value this year as its Estonian business was embroiled… Read More