Swedbank has reached a settlement agreement with the New York State Department of Financial Services, agreeing to pay $50 million to resolve an investigation into its anti-money laundering practices. This payment, approximately SEK 482 million, will be reflected in the financial outcomes for the bank’s third quarter.
The inquiry, initiated in 2019, scrutinized Swedbank’s approaches to preventing money laundering and financing terrorism, alongside its information reporting from 2007 to 2019. The investigation spanned activities in Sweden, Estonia, and the United States, highlighting the bank’s compliance practices over more than a decade.
Swedbank’s President and CEO, Jens Henriksson, emphasized that the investigation dealt with issues that arose over ten years ago. He noted that the settlement enables the bank to put the matter behind it and focus on future endeavors, marking an end to a protracted chapter in Swedbank’s history.
The resolution of this case allows Swedbank to address the concerns raised by the investigation and work towards improving its regulatory compliance measures. The bank aims to enhance its systems and processes to prevent similar issues from occurring in the future.