Swedbank reserves $3.7M for OFAC settlement
By 
Adrianne Appel2023-03-13T19:27:00
Swedbank said it expects to pay 40 million Swedish krona (U.S. $3.7 million) as part of a settlement with the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) related to apparent sanctions violations.
Swedbank acknowledged the provision in a press release Friday. It said OFAC’s investigation related to “historical shortcomings” but did not specify whether the settlement will address its self-disclosure to the regulator previously announced in March 2020.
Then, the bank said Clifford Chance, a law firm it hired to investigate its anti-money laundering (AML) weaknesses, flagged about $4.8 million in transactions that could be subject to U.S. sanctions.
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