Following Swedish TV’s report earlier in the week, linking Swedbank to a money laundering scandal, Dagens Nyheter has reported that Latvia and Lithuania have both identified flaws in the bank’s work to counter money-laundering in recent years. Latvia has fined the bank the equivalent of SEK 13 million over the flaws and in Lithuania the watchdog officially warned Swedbank a year ago.
The bank has since taken measures to improve its procedures; in Latvia it no longer offers accounts to people living overseas and in Lithuania it has, to “99 per cent”, rectified the identified shortcomings.
In Estonia, Swedbank has a dominant position, holding 55 per cent of all deposits from private individuals. The Estonian and Swedish watchdogs have launched investigations in light of Swedish TV’s report, which was based on leaked transaction lists between 2007 and 2015, and their counterparts in Latvia and Lithuania have promised assistance.
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