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Digital Identity, Security & Online Fraud

Swedbank creates financial crime unit after money laundering scandal

Monday 29 April 2019 | 11:08 AM CET

Swedbank has revealed plans of setting up a unit to tackle financial crime as the Sweden-based bank struggles to get on top of a money laundering scandal.

The lender admitted to shortcomings in how it dealt with money laundering after claims that billions of dollars of risky money from Russia and elsewhere flowed through its accounts led to probes by US, Swedish and Baltic regulators.

US regulators have opened multiple inquiries into potential money laundering at Swedbank. The new anti-financial crime unit will focus on combating money laundering and terrorism financing as well as dealing with cyber, information and physical security, and fraud prevention.

More: Link
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