Swedbank Fined $5.5 million by Nasdaq Stockholm
Dominic Chopping, 05 May 2021
STOCKHOLM–Swedbank AB said Wednesday that it has been ordered to pay 46.6 million Swedish kronor ($5.5 million) by Nasdaq Stockholm’s disciplinary committee for anti-money laundering shortcomings.
“The disciplinary committee states that Swedbank over a long period of time had shortcomings in its AML processes and routines and that the shortcomings were known to the bank’s former top management for a long period of time,” the bank said.
The fine, for breaching Nasdaq rules on disclosure of information, relates to the period between December 2016 and February 2019.
Swedbank said in its quarterly report last week that Nasdaq had informed the bank of the conclusions of its investigation and allocated SEK30 million for an expected fine.
“During the last year, the bank has undertaken several measures to strengthen processes for the disclosure of information,” said Swedbank Chief Executive Jens Henriksson.
“Today’s decision means that yet another issue concerning the bank’s historical shortcomings, is closed.”
Swedbank remains under investigation for various potential rule breaches by the Swedish Financial Supervisory Authority, Swedish Economic Crime Authority, and Estonian and U.S. authorities amid claims that billions of dollars of potentially illicit funds may have passed through the bank’s Estonian branch.
