There may be grounds for sanctions against Swedbank, Sweden’s Financial Supervisory Authority has said. It follows claims the bank could have handled more than $100bn of potentially suspicious funds as a result of links to Danske Bank’s money laundering scandal. A fine could be up to 10% of the bank’s total annual income. Further investigations have been launched by US authorities. Estonian regulators have also reported “evidence of a misdemeanour”. The Swedish banking regulator said it was investigating whether there were any criminal offences in connection with the alleged fraud. European financial stocks rankings and its market value has already fallen 30% in 2019.
There may be grounds for sanctions against Swedbank, Sweden’s Financial Supervisory Authority has said. It follows claims the bank could have handled more than $100bn of potentially suspicious funds as a result of links to Danske Bank’s money laundering scandal. A fine could be up to 10% of the bank’s total annual income. Further investigations have been launched by US authorities. Estonian regulators have also reported “evidence of a misdemeanour”. Swedbank shares fell 4% to reach the bottom of Bloomberg’s European financial stocks rankings and its market value has already fallen 30% in 2019.