Swedbank has reached a settlement agreement, agreeing to pay $50 million to conclude an anti-money laundering investigation conducted by the New York State Department of Financial Services (DFS). This amount, approximately SEK 482 million, will be reflected as an expense in Swedbank’s financial results for the third quarter.
The investigation began in 2019 and scrutinized Swedbank’s practices related to anti-money laundering (AML) and counter-terrorism financing over a span of 12 years, from 2007 to 2019. The probe covered activities in Sweden, Estonia, and the United States, focusing on the bank’s compliance and information reporting during that period.
Jens Henriksson, Swedbank’s President and CEO, acknowledged that the investigation pertains to events that took place more than a decade ago. He emphasized that resolving this long-standing issue allows the bank to focus on future endeavors and move past the challenges associated with the investigation.
This settlement marks a significant step for Swedbank as it seeks to address past compliance issues and reinforce its commitment to adhering to stringent financial regulations. By settling this case, the bank aims to restore its reputation and assure stakeholders of its dedication to maintaining robust compliance frameworks.