Swedbank has reached a settlement agreement to pay $50 million in connection with an anti-money laundering investigation conducted by the New York State Department of Financial Services (DFS). This payment, which amounts to about SEK 482 million, will be reflected as an expense in the bank’s financial statements for the third quarter.
The investigation, which began in 2019, scrutinized Swedbank’s practices related to anti-money laundering and counter-terrorism financing. It also assessed the bank’s information reporting procedures over a period spanning from 2007 to 2019. The probe covered Swedbank’s operations in Sweden, Estonia, and the United States.
Jens Henriksson, Swedbank’s President and CEO, noted that the investigation pertains to incidents that took place over a decade ago. He emphasized that the settlement provides an opportunity for the bank to move forward, having resolved a matter that has been ongoing for several years.
The resolution of this investigation marks a significant step for Swedbank, as it aims to put behind it issues that have drawn regulatory attention and scrutiny. By agreeing to this settlement, the bank is addressing historical compliance concerns and focusing on strengthening its future operations.