Tuesday, October 20, 2020

Swedish regulator delays Swedbank money-laundering probe report

-

The Swedish Financial Supervisory Authority (FSA) will publish the conclusions of its probe into alleged money laundering in the Baltics by the beginning of next year, it said on Friday, pushing back the deadline by several months.

Swedbank (SWEDa.ST), Sweden’s oldest retail bank, has lost more than a third of its market value after its Estonian business was embroiled in a money laundering scandal.

In April, Swedbank admitted some failings in its money laundering processes and is working with the financial watchdogs.

The most recent allegations against Swedbank, reported by Swedish state TV in March, say it processed gross transactions of up to 20 billion euros ($22 billion) a year from high-risk, mostly Russian non-residents, through Estonia from 2010 to 2016.
Related: Swedbank cuts dividend amid money laundering fallout

Swedbank is the subject of a joint probe by the Swedish and the Baltic financial watchdogs, originally scheduled to be completed in October. SEB (SEBa.ST), which also has big operations in the Baltics, has been included in the probe. The bank has said it is comfortable with the way it has acted.

- Advertisement -

“FI (the Swedish FSA) plans to communicate the results of the investigations no later than the beginning of next year, which is later than FI previously indicated. The main reason is the considerable amount of material in the investigations,” the FSA said in the statement.

Swedbank is also under investigation in the United States and faces the potential threat of hefty sanctions and fines.

Last month Swedbank, SEB and four other major Nordic banks announced the creation of a customer checking center as part of efforts to crack down on money launderers.

- Advertisement -
- Advertisement -

MUST READ

Goldman to pay over $2 billion in DOJ’s 1MDB Probe

Goldman Sachs Group Inc. has reached a long-awaited pact with the U.S. Department of Justice to pay more than $2 billion for the bank’s...

Ex-managers of Security firm pleads guilty in Santa Clara County concealed gun permit bribery scandal

Two former managers of a Silicon Valley international security firm pleaded guilty Monday to charges related to a bribery scheme to obtain concealed firearms...

Ohio former House Speaker Larry Householder to stand for reelection amid bribery charges

Republican Rep. Larry Householder’s name will be on the ballot Election Day as the disgraced Ohio lawmaker intends to serve his district for another...

Billionaire Robert Smith to Pay $140 million after admitting to tax evasion

Billionaire Robert Smith will pay about $140 million and acknowledge wrongdoing to end a four-year U.S. tax investigation involving assets held in offshore tax...

Mexico’s ex-army chief arrested in US on charges of drug trafficking, money laundering

Former Mexican Defense Secretary Gen. Salvador Cienfuegos, who led the country’s armed forces for six years under then-President Enrique Peña Nieto, has been arrested...
Advertisement
Advertisement

Latest News

This Week

Mexico’s ex-army chief arrested in US on charges of drug trafficking, money laundering

Former Mexican Defense Secretary Gen. Salvador Cienfuegos, who led the country’s armed forces for six years under then-President Enrique Peña Nieto, has been arrested...

Goldman to pay over $2 billion in DOJ’s 1MDB Probe

Goldman Sachs Group Inc. has reached a long-awaited pact with the U.S. Department of Justice to pay more than $2 billion for the bank’s...

Rapper Nuke Bizzle charged with COVID-19 relief aid fraud after bragging in music video

A rapper who bragged about defrauding the government’s unemployment program in a music video has been arrested on federal charges of carrying out the...

Former Mississippi city clerk pleads guilty to money laundering

A former administrator for a Mississippi city has pleaded guilty to money laundering and making false statements on a federal tax return, federal authorities...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks