Swedbank News

Swedbank Slapped with Record $386M Fine for Money-Laundering Breaches

Sweden’s financial watchdog hit lender Swedbank with a record fine of 4 billion crowns ($386 million) on Thursday for serious deficiencies in its anti-money-laundering work and said the bank had withheld information from authorities. Sweden’s oldest retail bank saw its …

New Swedbank CEO, Hired from Folksam, Criticized for Ties to Scandal-Hit Bank

Sweden’s biggest shareholder group has criticized Swedbank AB’s choice of chief executive officer, arguing the board opted for an insider who failed to stop the bank sinking into a Baltic money-laundering scandal when he had the chance. Jens Henriksson will …

Fallout from Money Laundering Scandal Continues as Fines Loom for Swedbank

Swedbank AB acknowledged it will no longer be able to live up to its goal of paying out one of the highest dividend ratios in the Nordic finance industry. Sweden’s oldest bank, which is dealing with the fallout of a …

Explaining Europe’s Growing Money Laundering Scandal

The largest ever money laundering scandal in Europe is rippling through the region’s banks. It began in the Baltics and has engulfed several Nordic lenders, notably Denmark’s Danske and Sweden’s Swedbank, who had large Baltic operations. Here are some facts …

Fallout Grows from Swedbank’s Money Laundering Scandal as Chairman Quits

A week after Swedbank AB fired its chief executive officer, the lender is parting ways with its chairman as a multibillion dollar money-laundering scandal forces top-level changes. Lars Idermark has decided to leave Sweden’s oldest bank and biggest mortgage lender …

Swedbank Fires CEO on Growing Investor Criticism of Handling of Laundering Scandal

Swedbank dismissed Birgitte Bonnesen as chief executive on Thursday only an hour before its annual meeting after disgruntled shareholders rounded on her handling of a rapidly-growing money laundering scandal. The lender had repeatedly said it had faith in Bonnesen to …

Another Money Laundering Risk Seen Coming from Firms Providing Payment Services

As one avenue for money launderers is shut, another one may be opening. In Denmark, home to Danske Bank A/S, the authorities are now taking a closer look at companies that provide payment services. The worry is that the chain …

Update: Europe’s Dirty Money Could Total $1 Trillion, Says Anti-Corruption Investor Browder

Bill Browder, the investor who’s made a career of chasing money launderers, says the cases he’s brought against banks so far only represent a tiny fraction of the full amount in dirty money trying to get out of Russia and …

What’s Known About Massive Russia Money Laundering Scheme, ‘Troika Laundromat’

The so-called Troika Laundromat was a financial network set up by a Russian investment bank to help clients move money out of the country and hide it. The scheme exported about $4.8 billion over seven years, with the help of …

Swedbank Money Laundering Scandal Deepens with Possible Ukraine Connection

Allegations of money laundering against Sweden’s oldest bank grew this week to draw in some of the former Soviet Union’s most notorious individuals. Viktor Yanukovych, the president of Ukraine until 2014, used an account at the Baltic unit of Swedbank …