Swedbank notifies OFAC of potential sanction violations
The investigation of Swedbank’s work on anti-money laundering conducted by the law firm Clifford Chance has found that transactions amounting to approximately USD 4.8 million in total constitute potential sanction violations. The bank will therefore be making a report to the U.S. Treasury’s Office of Foreign Assets Control (OFAC).OFAC enforces compliance with U.S. sanctions imposed against countries or specific economic sanctions targets - organisations, companies or persons. A sanction breach means for example that a bank processed a transaction involving an OFAC sanctioned person, entity