By Dominic Chopping

 

STOCKHOLM--Swedbank AB said Wednesday that law firm Clifford Chance will present its analysis of the bank's work on antimoney laundering on March 23.

Swedbank came under scrutiny in February last year after a Swedish TV show reported that billions of dollars of illicit funds may have passed through the bank's Estonian branch. The scandal saw the bank replace its CEO, chairman, CFO and executives in the bank's Estonian branch while establishing an antifinancial crime unit and a joint Know-Your-Customer checking center for financial crime prevention with other Nordic banks.

The bank also set up an antifinancial-crime unit and appointed law firm Clifford Chance to lead an internal investigation.

Clifford Chance has investigated customers, transactions and activities from 2007 through March 2019 and how the bank has handled internal and external information disclosures. It has also assessed Swedbank's historical response to previously identified deficiencies.

It will present the findings of that investigation at a press conference on March 23.

 

Write to Dominic Chopping at dominic.chopping@wsj.com

 

(END) Dow Jones Newswires

March 11, 2020 03:03 ET (07:03 GMT)

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