Swedbank has reached a settlement with the New York State Department of Financial Services, agreeing to a $50 million payment to conclude an investigation into its anti-money laundering practices. This financial penalty, which amounts to roughly SEK 482 million, will be reflected in the bank’s financial statements for the third quarter.
The investigation, which began in 2019, scrutinized Swedbank’s efforts to combat money laundering and terrorism financing from 2007 to 2019. The probe spanned operations in Sweden, Estonia, and the United States, focusing on the bank’s compliance with information reporting requirements.
Jens Henriksson, Swedbank’s President and CEO, commented on the resolution, noting that the issues under investigation took place over a decade ago. He emphasized that the settlement marks the conclusion of a lengthy inquiry, allowing the bank to advance without the shadow of past compliance issues.
Swedbank’s decision to settle the case underscores its efforts to address and move beyond historical regulatory challenges. The financial institution aims to reinforce its commitment to robust anti-money laundering measures and regulatory compliance in its international operations.