Swedbank replaces EY with forensic auditors to investigate money laundering report
26 Feb 2019

Swedbank said on Tuesday it had hired external forensic auditors to investigate information in a media report linking the bank to a Baltic money laundering scandal, replacing recently appointed audit firm EY.

Sweden’s public broadcaster alleged last week that money laundering could have occurred in relation to at least 40 billion crowns ($4.3 bln) transferred between Baltic accounts at Swedbank and Danske Bank between 2007 and 2015.

Following the report the Swedish bank appointed EY to analyze material and conduct an external investigation into the claims.

By Anna Ringstrom and Helena Soderpalm, Reuters, 26 February 2019

Link to Reuters

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One Response to “Swedbank replaces EY with forensic auditors to investigate money laundering report”
Simeon Petkov

Simeon Petkov February 27, 2019

EY are well known for their Compliance Projects consulting services in financial world. However, sometimes specialist with more narrow scope of activity are required when it comes to investigations. I would assume it’s not about capacity and capability, it’s about specialisation.

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