15 May 2020
Several former employees of Swedbank AB were charged by authorities in Latvia with money laundering after its branch there reported suspicious transactions involving large sums of cash as recently as 2017.
Latvian prosecutors filed allegations against 11 people, including ex-employees of Swedbank’s local unit, earlier this year, Laura Majevska, spokeswoman for prosecutor’s office, said by phone. She declined to specify how many of the 11 had worked at Stockholm-based Swedbank.
Sweden hit its largest mortgage lender with a record fine of 4 billion kronor ($406 million) in March, after a bank-commissioned investigation unearthed some $40 billion in suspicious transactions, mainly through its Estonian operations. Swedbank, which sacked its chief executive officer, is still under investigation by U.S. and Estonian authorities, and could face further penalties.
By Aaron Eglitis, Bloomberg, 14 May 2020
Read more at Bloomberg
RiskScreen: Eliminating Financial Crime with Smart Technology
Count this content towards your CPD minutes, by signing up to our CPD WalletFREE CPD Wallet