Swedbank admits to shortcomings in anti-money laundering steps
STOCKHOLM - Swedbank admitted to previous shortcomings in combating money laundering on Thursday and said it was cooperating with investigating authorities, including in the United States.The Swedish bank, whose CEO and chairman have both left since money laundering allegations against it first surfaced in February, is the subject of a joint probe by financial watchdogs in Sweden and the Baltics.
Despite the publicity around the money laundering allegations, Swedbank’s first-quarter operating profit rose to 6.63 billion Swedish crowns and beat the 6.09 billion expected in a poll of analysts. Shortcomings included reports that certain customers matched against previously known money-laundering cases not being flagged, weaknesses in know-your-customer procedures as well as the absence of investigations and reports to the authorities on certain suspicious transactions, Karlsson added.
Swedbank said an in-depth investigation, led by law firm Clifford Chance, was underway to review its current and historic customer relationships through its Baltic subsidiaries, the bank’s response to previous internal reviews and its anti-money-laundering compliance processes.
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