Sweden: Swedbank Review Criticizes Ex-CEOs for Anti-Money Laundering Failings

The law firm hired by Swedbank AB to investigate past exposure to money laundering said Monday that it found the Swedish lender had inadequate systems to manage risk but didn’t conclude that it engaged in money laundering.

The law firm found payments to customer accounts worth 17.8 billion euros ($19.03 billion) and payments from customer accounts worth €18.9 billion in the bank’s Baltic subsidiaries between 2014 and 2019 that represented a high risk for money laundering. However, it said it cannot conclude that money laundering actually took place.

Swedbank came under scrutiny in February 2019 after a Swedish TV show reported that billions of dollars of potentially illicit funds may have passed through the bank’s Estonian branch. In response, the lender hired law firm Clifford Chance to investigate customers, transactions and activities from 2007 to March 2019 and how the bank handled internal and external information disclosures.

The full original article can be found at wsj.com


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