March 11, 2020 / 7:35 AM / in 5 months

Swedbank says transactions totalling $4.8 mln may constitute sanction violations

STOCKHOLM, March 11 (Reuters) - Swedish lender Swedbank said on Wednesday the investigation of its work on anti-money laundering by law firm Clifford Chance had found that transactions totalling around $4.8 million constitute potential sanction violations.

The bank said in a statement it would report the findings to the U.S Treasury’s Office of Foreign Assets Control (OFAC).

The law firm looked at activities from 2007 to March 2019.

Swedbank is under investigation from authorities in the United States, Sweden and Estonia for its role in a Baltic money laundering scandal. The outcome of the Swedish case, including any fines, will be announced in March, the country’s financial watchdog said in December.

Reporting by Colm Fulton, editing by Anna Ringstrom

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below