Bank of Lithuania issues inspection findings on Swedbank

During autumn 2017, the Bank of Lithuania has carried out an inspection related to Swedbank’s activities in the area of money laundering and terrorism financing prevention (AML/CTF) for the period January 2016 until March 2017.

The findings include deficiencies in internal control systems for money laundering prevention, processes and documentation. Based on the results, Bank of Lithuania issued a warning to Swedbank and obliged to remedy identified deficiencies.

-Swedbank takes the findings by Bank of Lithuania very seriously. We would like to emphasize that AML and CTF is a prioritised matter for Swedbank. We are allocating significant efforts and resources to ensure AML/CTF compliance and we are committed to continuously improve our AML/CTF processes, says Charlotte Elsnitz, Head of Baltic Banking at Swedbank.

Swedbank has already initiated actions to implement a series of measures aiming to improve its internal control systems, to ensure relevant customer due diligence data and to enhance processes and routines. And thereby, the deficiencies pointed out by Bank of Lithuania, has partly already been corrected.

A warning is the lowest level of sanction that the Bank of Lithuania can issue.

For more information:
Josefine Uppling, Head of Group Press Office, Swedbank, cell: +46 76 114 54 21

Swedbank promotes a sound and sustainable financial situation for the many people, households and companies. Our vision is to contribute to development “Beyond Financial Growth”. As a leading bank in the home markets of Sweden, Estonia, Latvia and Lithuania, Swedbank offers a wide range of financial services and products. Swedbank has over 7 million retail customers and around 625 000 corporate customers and organisations with 218 branches in Sweden and 133 branches in the Baltic countries. The group is also present in other Nordic countries, the US and China. As of  6 February, 2018 the group had total assets of SEK 2 213 billion.
Read more at www.swedbank.com

About Us

Swedbank promotes a sound and sustainable financial situation for the many people, households and companies. As a leading bank in the home markets of Sweden, Estonia, Latvia and Lithuania, Swedbank offers a wide range of financial services and products. Swedbank has over 7 million retail customers and around 618 000 corporate customers and organisations with 191 branches in Sweden and 125 branches in the Baltic countries. The group is also present in other Nordic countries, the US and China. As of 30 June, 2018 the group had total assets of SEK 2 646 billion. Read more at www.swedbank.com

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We are allocating significant efforts and resources to ensure AML/CTF compliance and we are committed to continuously improve our AML/CTF processes.
Charlotte Elsnitz, Head of Baltic Banking at Swedbank