Swedbank controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2024
Conviction of former CEO Birgitte Bonnesen
A Swedish appeals court convicted former CEO Birgitte Bonnesen of gross fraud concerning her handling of anti-money-laundering protocols in Estonia and imposed a 15-month prison sentence.
2023
Swedbank Latvia sanctions violations
The United States alleged that Swedbank Latvia processed 386 apparent sanctions violations involving payments to Crimea through US correspondent banks. The matter was settled through a $3,430,900 penalty.
2020
Swedish regulator fines Swedbank SEK 4 billion over anti-money-laundering deficiencies
Fine or penalty
Sweden's Financial Supervisory Authority decided that Swedbank AB should receive a warning and an administrative fine of SEK 4 billion, based on findings of deficiencies in anti-money-laundering controls in its Swedish operations and Baltic subsidiaries. The article also reports that Estonia's Financial Supervision Authority issued Swedbank AS a precept requiring improvements to its risk controls.
Sweden’s Financial Supervisory Authority decided that Swedbank AB should receive a warning and an administrative fine of SEK 4 billion based on findings of deficiencies in anti-money-laundering controls in its Swedish operations and Baltic subsidiaries. The article also reports that Estonia’s Financial Supervision Authority issued Swedbank AS a precept requiring improvements to its risk controls.
Source excerpt
On the basis of findings in both investigations, the Swedish FSA has decided that Swedbank AB should receive a warning and an administrative fine of four billion Swedish kronor.
The Swedish investigation concludes that Swedbank AB has had large deficiencies in its governance of anti-money laundering measures in its Baltic subsidiaries.
BC, Riga, 19.03.2020.
2019
Baltic money-laundering investigation
Swedbank came under investigation after reports alleged suspicious transactions involving its Baltic operations and accounts connected with the wider Danske Bank money-laundering affair. The episode resulted in senior leadership changes and regulatory enforcement.
2019
Money-laundering allegations involving Swedbank transfers
Issue disclosure
Swedish broadcaster SVT alleged that Swedbank transferred more than €1 million from Russian arms firm Kalashnikov Concern to a US subsidiary through a Russian oligarch’s business network. Swedbank said it was unaware of any US sanctions violation and pledged to investigate the allegations.
Company response
Investigation — Swedbank
Allegations of money laundering at Swedish lender Swedbank will be fully investigated by early next year, the bank pledged on Wednesday.
Source excerpt
In its report, SVT alleged Swedbank transferred more than one million euros ($1.1m) from Russian arms firm Kalashnikov Concern to a US subsidiary through the business network of a Russian oligarch who is a shareholder in Kalashnikov.
Swedbank, whose shares were down three percent at 08:30 GMT, behind its rivals, said it was not aware of any such violation.
Allegations of money laundering at Swedish lender Swedbank will be fully investigated by early next year, the bank pledged on Wednesday.