On Tuesday, Swedbank has received a formal warning from the Swedish
Financial Supervisory Authority. The Swedish FSA announced that sanctions could
be imposed on the bank as it violated many rules.
The authority observed weakness in Swedbank’s AML practice during
the investigation and hinted that it may face sanctions. The regulator would
continue monitoring the Swedbank till the end of 2019 and plans to announce the
findings at the beginning of next year.
Earlier it was reported that bank is being investigated by the European Central Bank and U.S. authorities. Swedbank AB said the cost of dealing with probes into its handling of suspicious transactions to reach 1 billion kronor ($103 million) by the end of this year. The investigations conducted by the U.S. authority may take more than a year to conclude, Swedbank added.
Source - ERR
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