Late on Thursday, the 19th of March 2020, Sweden’s financial regulators had hit the Stockholm-based Nordic-Baltic lender Swedbank with a whopping upsum of $3.86 billion in punitive measures over accusations of serious negligence at its anti-money-laundering works adding that the Swedish lender which processes roughly 60 per cent payments in Estonia had been withholding critical intel from Sweden’s financial watchdogs.
In point of fact, latest fine on Swedbank over potential violations of anti-money-laundering laws in Sweden came forth months after the Swedish lender, the oldest retail borrower in the Nordic-Baltic region, had been hit with a number of mischievous money laundering scandals, which eventually had forced the Stockholm-based lender to fire its Chief Executive last year.
Meanwhile, adding that despite repeated warnings since 2017, the Swedbank had been harbouring a slew of systemic loopholes to avert money-laundering laws in the Nordic-Baltic region, a majority of which had still been remained unattended, the Swedish Financial regulator, FSA’s Director General Erik Thedeen said in a news conference late on Thursday (March 20th), “Swedbank has had serious, systematic shortcomings in its work to prevent money laundering in the Baltics.
The investigation also shows that on several occasions, Swedbank has withheld information from the FSA, information that clearly showed how big the problems, in fact, were. We look on that as particularly serious. ”