Swedbank has reached a settlement agreement to pay $50 million following an anti-money laundering investigation by the New York State Department of Financial Services (DFS). This amount, approximately SEK 482 million, will be accounted for as an expense in the bank’s financial results for the third quarter.
The investigation, initiated in 2019, scrutinized Swedbank’s practices in combating money laundering and terrorism financing, in addition to its information reporting procedures. The examination covered activities spanning from 2007 to 2019 across several regions, including Sweden, Estonia, and the United States.
Swedbank’s President and CEO, Jens Henriksson, remarked that the issues under investigation occurred over a decade ago. He emphasized that the settlement enables the bank to put this prolonged issue behind it and focus on moving forward.
By reaching this agreement, Swedbank aims to close a chapter on a challenging period that has affected its operations and reputation. The resolution with DFS is a significant step for the bank as it continues to strengthen its procedures and safeguards against financial crimes.