Article: Swedbank Fined $5.5 million by Nasdaq Stockholm

Article - Media, Publications

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. Continue reading “Article: Swedbank Fined $5.5 million by Nasdaq Stockholm”

Article: Swedbank ‘not fast enough’ on mortgage lending, causing loss of market share

Article - Media, Publications

Swedbank ‘not fast enough’ on mortgage lending, causing loss of market share

Sanne Wass, 27 April 2021

Amid heavy anti-money-laundering hiring and investments, Swedbank AB (publ) is demonstrating slow response time and a lack of availability elsewhere in its business, causing it to lose market share within mortgage lending in Sweden.

Presenting Swedbank’s first-quarter earnings, CEO Jens Henriksson said the bank is “well-positioned when it comes to pricing” on its mortgage loans but it had been too slow in responding to customers’ needs. As a result, Swedbank had not been able to defend its market position.

“We have not been available … we’ve not been fast enough,” he said on an earnings call April 27. Continue reading “Article: Swedbank ‘not fast enough’ on mortgage lending, causing loss of market share”