March 23, 2020 / 6:24 AM / 6 days ago

Swedbank - anti-money laundering report says bank wooed high-risk customers in Baltic

STOCKHOLM, March 23 (Reuters) - Swedbank’s subsidiaries in Estonia and Latvia actively pursued high-risk customers some of whom had been rejected by another bank, a report by law firm Clifford Chance into the Swedish bank’s anti-money laundering work said on Monday.

“Clifford Chance’s report confirms the bank’s failure. In its anti-money laundering work, the bank has not measured up to the requirements that customers, owners and society are entitled to set,” Swedbank chairman and former Swedish prime minister, Goran Persson said.

The report showed that during the period 2014-2019 transactions representing a high risk for money laundering were made in the form of payments to customer accounts worth 17.8 billion euros ($19.14 billion) and payments from customer accounts worth 18.9 billion euros in the Baltic subsidiaries.

Last week, Sweden’s FSA fined Swedbank a record 4 billion Swedish crowns($385.23 million) over breaches in its anti-money laundering work. ($1 = 0.9301 euros) ($1 = 10.3833 Swedish crowns) (Reporting by Simon Johnson and Colm Fulton; editing by Johannes Hellstrom)

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