Swedbank admitted to failings in combating money laundering and said on Thursday...
STOCKHOLM - Swedbank admitted to failings in combating money laundering and said on Thursday it was facing investigations in the United States, adding to pressure over its Baltic business.Sweden’s oldest bank, whose CEO and chairman have both left as money laundering allegations snowballed, is already facing a joint probe by financial watchdogs in Sweden and the Baltics and another by Sweden’s economic crimes body.
Since allegations against it first surfaced in February, the lender had repeatedly said it had faith in its anti-money laundering procedures and that suspicious transactions that were identified were reported to authorities. “For Swedbank to deserve the trust of customers, authorities, investors, employees and other stakeholders, continuous improvement in our anti-money laundering work is required,” Karlsson told reporters.
The company reported first-quarter headline costs of 4.52 billion Swedish crowns, a 2 percent miss versus consensus, due to expenses incurred to deal with the money laundering allegations and the severance paid to its CEO Birgitte Bonnesen. Swedbank announced an in-depth internal probe was under way to review its current and historic customer relationships through its Baltic units, its response to previous internal reviews and its anti-money laundering compliance processes.
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