Swedbank reaches agreement with OFAC
Swedbank has now reached a final agreement with the US Treasury’s Office for Foreign Assets Control (OFAC) regarding the bank’s historical shortcomings. OFAC has concluded that the transactions, which were disclosed by the bank to the authority, constitute a violation of applicable regulations.Swedbank has agreed to remit SEK 37 million regarding the settlement relating to violation of OFAC regulations. The settlement concerns transactions that were conducted by Swedbank in Latvia in 2015-2016. The transactions, which Swedbank reported to OFAC in March 2020, consisted of salary payments