Swedbank has suspended the bank's two most senior executives in Estonia, CEO Robert Kitt and CFO Vaiko Tammevali, according to a statement. The Estonian government said it was investigating whether any of its citizens had been involved with money laundering or tax evasion through the bank. In March, Swedish state TV revealed Swedbank processed €20bn ($22.4bn) annually between 2010 and 2016 through its Estonian business, mostly from Russian clients.
Swedbank has suspended the bank's two most senior executives in Estonia, CEO Robert Kitt and CFO Vaiko Tammevali, according to a statement. Charlotte Elsnitz, Swedbank’s head of Baltic banking, said it was a direct consequence of the continuing investigation into alleged money laundering. In March, Swedish state TV revealed Swedbank processed €20bn ($22.4bn) annually between 2010 and 2016 through its Estonian business, mostly from Russian clients.