Swedbank suspends CEO, CFO of Estonian unit
18 Jun 2019

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 its Estonia branch was used to move 200 billion euros of suspicious funds between 2007 and 2015.

Swedbank – whose CEO and chairman both departed amid the turmoil – admitted in late April to failings in combating money laundering and announced an internal probe was under way to review its current and historic customer relationships through its Baltic units.

“Today’s decision is a consequence of the ongoing internal investigation,” Swedbank’s head of Baltic Banking, Charlotte Elsnitz, said in a statement.

“We are fully committed to the Estonian market and to all our employees, customers and other stakeholders. Estonia is one of four home markets of Swedbank.”

By Johannes Hellstrom, Reuters, 17 June 2019

Read more at Reuters

Photo: JuliusKielaitis / Shutterstock.com

Read more:

Swedbank admits money laundering flaws, faces multiple U.S. probes

Swedbank CEO Birgitte Bonnesen dismissed following money laundering raid

Swedbank chairman quits over money laundering scandal

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