Swedbank has reached a settlement with the New York State Department of Financial Services (DFS) and will pay $50 million in connection with an anti-money laundering (AML) investigation. This amount, which is approximately 482 million Swedish kronor, will be recorded as a financial expense in the bank’s results for the third quarter.
The investigation, which began in 2019, scrutinized Swedbank’s practices related to anti-money laundering and counter-terrorism financing, as well as its information reporting activities. The probe covered the period from 2007 to 2019 and involved operations in Sweden, Estonia, and the United States.
Jens Henriksson, the President and CEO of Swedbank, commented on the situation, noting that the investigation pertains to events that date back more than ten years. He expressed that the settlement provides the bank with an opportunity to move forward, having resolved this protracted issue.
This agreement allows Swedbank to close a chapter on an investigation that has been ongoing for several years. The resolution is seen as a step towards restoring confidence and focusing on future growth and regulatory compliance. Swedbank’s management is keen to emphasize their commitment to ensuring robust anti-money laundering controls and maintaining transparent operations across all regions.