- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
Legal pressure against Stockholm-based Swedbank, one of several banks at the center of a massive money laundering scandal, continues to escalate.
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Swedbank AB has been issued a record 4 billion Swedish Krona (U.S. $390 million) administrative fine for what Sweden’s financial watchdog called “serious deficiencies in its management of the risk of money laundering in its Baltic operations.”
Swedbank announced it has reported approximately $4.8 million worth of transactions that might be subject to U.S. sanctions to the Treasury Department’s Office of Foreign Assets Control.
Swedbank CEO Jens Henriksson announced the financial institution is making some major organizational changes “to create simpler and clearer decision-making structures to facilitate the realization of the bank’s strategy.”
London has long had the dubious reputation of being the world’s money laundering capital and it looks like it’s a title it is likely to retain for some time yet.
The U.K. will struggle to shed its reputation as one of the world’s biggest conduits for dirty money due to a combination of patchy intelligence-sharing and poorly resourced enforcement agencies, experts told Compliance Week.
The U.K. has an ongoing problem with money laundering, but recent changes to economic crime law and corporate registration requirements could bring more cases to court, according to consultancy KPMG.
