Swedbank Books $3.7 Million Provision for Potential Deal With US Treasury
2023年3月10日 - 4:34PM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Swedbank AB said Friday that it has booked a
provision of 40 million Swedish kronor ($3.7 million) after
assessing the financial impact from a probe by the U.S. Treasury's
Office for Foreign Assets Control into the bank's past measures to
prevent money laundering.
The bank is under investigation for governance deficiencies
related to anti-money laundering measures in its Baltic
subsidiaries after a Swedish TV show reported in 2019 that billions
of dollars of potentially illicit funds might have passed through
the bank's Estonian branch.
The Swedish financial regulator FSA handed Swedbank a SEK4
billion fine in 2020 after finding the lender's Baltic operations
had serious deficiencies in its anti-money laundering measures as
well as shortcomings in its cooperation with the investigation.
"Swedbank can now assess the financial impact from the
investigation by the U.S. Treasury's Office for Foreign Assets
Control (OFAC) regarding the bank's historical shortcomings," it
said.
The bank said dialogue with OFAC is good but it can't say when
the investigation will be concluded.
Probes by the Department of Justice, Securities and Exchange
Commission and Department of Financial Services in New York are
ongoing and the bank said it can't determine any financial
consequences, nor when the investigations will be completed.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
March 10, 2023 02:19 ET (07:19 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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