Swedbank Fined $5.5 Million by Nasdaq for Anti-Money Laundering Shortcomings
May 05 2021 - 4:45AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Swedbank AB said Wednesday that it has been ordered
to pay 46.6 million Swedish kronor ($5.5 million) by Nasdaq
Stockholm's disciplinary committee for anti-money laundering
shortcomings.
"The disciplinary committee states that Swedbank over a long
period of time had shortcomings in its AML processes and routines
and that the shortcomings were known to the bank's former top
management for a long period of time," the bank said.
The fine, for breaching Nasdaq rules on disclosure of
information, relates to the period between December 2016 and
February 2019.
Swedbank said in its quarterly report last week that Nasdaq had
informed the bank of the conclusions of its investigation and
allocated SEK30 million for an expected fine.
"During the last year, the bank has undertaken several measures
to strengthen processes for the disclosure of information," said
Swedbank Chief Executive Jens Henriksson.
"Today's decision means that yet another issue concerning the
bank's historical shortcomings, is closed."
Swedbank remains under investigation for various potential rule
breaches by the Swedish Financial Supervisory Authority, Swedish
Economic Crime Authority, and Estonian and U.S. authorities amid
claims that billions of dollars of potentially illicit funds may
have passed through the bank's Estonian branch.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
May 05, 2021 04:30 ET (08:30 GMT)
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