March 19, 2020 / 8:13 PM / 5 months ago

Swedbank admits to money-laundering shortcomings after being fined $386 million

STOCKHOLM, March 19 (Reuters) - Swedbank acknowledged on Thursday that it has had shortcomings in work to prevent money laundering, after it was fined a record 4 billion Swedish crowns ($386 mln) by the Swedish financial watchdog.

“Swedbank has failed to uphold the trust of customers, owners and society. This is troublesome and very serious”, CEO Jens Henriksson said in a statement.

The bank said it had iniated a programme to strengthen its measures against money laundering and to address the shortcomings identified by the Financial Supervisory Authority.

Reporting by Johan Ahlander, Editing by Simon Johnson

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