By Fabiola Arámburo
SWEDBANK, Sweden’s oldest lender, said that the U.S. Department of Justice has closed its investigation into the bank without enforcement.
The investigation was initiated in 2019 and related to Swedbank’s historical AML work, the company said.
The bank was caught up in a regional money laundering scandal originating with Danske Bank, which said in 2018 that €200 billion euros ($233 billion) of suspicious funds moved through its Estonia branch between 2007 and 2015.
In September, the U.S. Securities and Exchange Commission (SEC) also closed its investigation into the bank without enforcement.
The Department of Financial Services in New York investigation is still ongoing, Swedbank said.
Swedbank also said it cannot at this time assess the potential financial impact or when the investigation will be concluded.
We hope you enjoyed reading this article
If you would like unlimited access to AML Intelligence premium articles, newsletter delivered twice a week, access to our Global Bank Fines and Penalties database, free access to Boardroom Series events and much more, select one of our subscription options and become a subscriber!
View subscription optionsIf you have an account, log in