Swedbank Law Firm to Report Findings of Internal Money Laundering Probe on March 23
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
It will present the findings of that investigation at a press
conference on March 23.
Write to Dominic Chopping at firstname.lastname@example.org
(END) Dow Jones Newswires
March 11, 2020 03:03 ET (07:03 GMT)
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