Swedbank has been addressing serious breaches of anti-money laundering obligations involving its Estonian branch, according to an internal report seen by Swedish broadcaster SVT. The report, which was commissioned in early 2016 and published on Tuesday, said that the bank’s Estonian branch had failed to comply with a number of requirements for reporting suspicious transactions or conducting due diligence checks when It also cites a failure to report dubious activities and transactions. Swedbank launched a review of its Estonian business following similar issues at Danske Bank’s branch there. It is now being investigated by Swedish and Baltic regulators and said its own analysis continues.
Swedbank has been addressing serious breaches of anti-money laundering obligations involving its Estonian branch, according to an internal report seen by Swedish broadcaster SVT. The document details how the bank accepted customers suspected of being involved in money laundering despite them not providing relevant information such as corporate structure and the source of their funds. It also cites a failure to report dubious activities and transactions. Swedbank launched a review of its Estonian business following similar issues at Danske Bank’s branch there. It is now being investigated by Swedish and Baltic regulators and said its own analysis continues.