Swedbank fined $5 mln by Nasdaq Stockholm for 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. 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.

Reuters | Stockholm | Updated: 05-05-2021 12:38 IST | Created: 05-05-2021 12:38 IST
Swedbank fined $5 mln by Nasdaq Stockholm for 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. ($1 = 8.4764 Swedish crowns)

Also Read: Swedish health agency extends pause on J&J vaccine

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Blockchain in Healthcare: Opportunities and challenges

The use of blockchain in healthcare is a relatively new innovation with many of its uses still being explored and related technologies being developed, improved, and scaled. ...

Debate surrounding vaccine passports and development misses bigger picture

... ...

Blockchain vs IOTA: Looking for a better alternative

... ...

For stability, Iraq needs to crack down on corruption

... ...

Videos

Latest News

UK withdraws patrol boats from Jersey after French Brexit row

Britain withdrew its Royal Navy vessels from the waters off Jersey on Thursday but said it would remain on standby to support the Channel island after a dispute with France over post-Brexit fishing rights escalated rapidly.France and Britai...

Spain to put more tolls on roads in bid for EU funds

Spain will put more tolls on its highways and adjust its air traffic taxes to reduce carbon emissions, as part of its plan to access the European Unions COVID-19 pandemic recovery fund, Economy Minister Nadia Calvino said on Thursday.The ch...

UPDATE 3-U.S. supports Ukraine against 'reckless' Russian moves - Blinken

U.S. Secretary of State Antony Blinken said on Thursday Washington could increase security assistance for Ukraine after what he called Russias reckless and aggressive actions in massing troops near the Ukrainian border.During a visit to Kyi...

GLOBAL MARKETS-Stocks gain, commodities rise on inflation worries

The dollar fell and a gauge of global equity markets edged higher on Thursday as surging commodity prices spurred the prospect of rising inflation and led investors into economically-sensitive stocks on the reflation trade.Aluminum prices a...

Give Feedback