Nasdaq Stockholm fines Swedbank $5 mln over poor money laundering controls

Swedish lender Swedbank has been fined 46.6 million Swedish crowns ($5.50 million) by the Nasdaq Stockholm for shortcomings in the bank’s anti-money laundering controls between December 2016 and February 2019, the bank said on Wednesday.

“During the last year, the bank has undertaken several measures to strengthen processes for the disclosure of information. Today’s decision means that yet another issue … is closed,” said Swedbank CEO Jens Henriksson.

The Nasdaq Stockholm stock exchange told Swedbank that the historical shortcomings were known to the bank’s former top management at the time when the failings occurred, Swedbank said.

Swedbank was fined a record 4 billion crowns by the Swedish financial watchdog in March last year for serious deficiencies in its anti-money-laundering work and for withholding information from authorities.

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