Swedbank has reached a settlement agreement to pay $50 million following an anti-money laundering investigation conducted by the New York State Department of Financial Services. This payment, which amounts to roughly SEK 482 million, will be recorded as an expense in the bank’s financial results for the third quarter.
The investigation, which commenced in 2019, scrutinized the bank’s anti-money laundering and counter-terrorism financing procedures. It also reviewed Swedbank’s information reporting practices from 2007 to 2019, involving operations across Sweden, Estonia, and the United States.
Jens Henriksson, Swedbank’s President and CEO, commented on the situation, noting that the investigation pertained to events that occurred more than a decade ago. He expressed that the resolution of this long-standing issue allows Swedbank to move forward.