Swedbank says $4.8 million of payments may have violated U.S. sanctions [Reuters]
SWEDBANK AB S/ADR (SWDBY)
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Source: Reuters
Swedbank says $4.8 million of payments may have violated U.S. sanctions STOCKHOLM (Reuters) - An independent investigation of Swedbank’s ( SWEDa.ST ) anti-money laundering practices has found that transactions totaling $4.8 million potentially violated U.S. sanctions, the Swedish bank said on Wednesday. Swedbank is under investigation by authorities in the United States, Sweden and Estonia for its role in a Baltic money laundering scandal. It said the $4.8 million figure related only to possible breaches of U.S. rules, and that law firm Clifford Chance’s report into its role in the broader Baltic scandal would be made public on March 23. “That is of course, to put it bluntly, disturbing,” Swedbank CEO Jens Henriksson said of the potential U.S. violations. “That means that we have not had good enough controls, not good enough transaction systems, and that we have had shortcomings in internal governance,” he told Reuters. Still, Swedbank shares rose close to 4%, as analysts said the $
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