UPDATE 3-Swedbank hit with record $386 mln fine over Baltic money-laundering breaches [Reuters (UK)]
SWEDBANK AB S/ADR (SWDBY)
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Source: Reuters
Swedish FSA slaps record $386 million fine on Swedbank over money laundering breaches - Reuters 3 Min Read STOCKHOLM (Reuters) - Sweden’s financial watchdog hit lender Swedbank ( SWEDa.ST ) with a record fine of 4 billion Swedish crowns ($386 million) on Thursday for serious deficiencies in its management of money laundering risks in its Baltic operations. Sweden’s oldest retail bank saw its share price collapse by a third last year after details of the dirty money scandal — which also engulfed Danish peer Danske Bank ( DANSKE.CO ) — emerged at the end of 2018 and through 2019, forcing it to fire its CEO and much of its board. “Our investigation shows that the Swedish management did not efficiently address the risk of money laundering in the Baltics,” FSA Director General Erik Theden said in a statement. “It is also deeply concerning that the bank on a number of occasions withheld information from (the FSA) that would have revealed the seriousness and scope of the problems.” Eston
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