New update on Estonian prosecutor’s investigation into Swedbank AS

Swedbank AS in Estonia has been informed by the special investigator of white-collar crime at the Estonian Central Criminal Police that Swedbank AS is suspected of money laundering during the period 2014-2016.

The criminal investigation originates from the work of the Estonian Financial Supervisory Authority (EFSA) that investigated Swedbank AS during 2019. The EFSA investigation was concluded with a report and a precept in March 2020, regarding shortcomings in the anti-money laundering work of Swedbank Estonia AS.

As previously announced in Swedbank AB’s interim reports, the EFSA also submitted part of its investigation to the Estonian Prosecutor’s Office in November 2019. The Estonian Prosecutor’s investigation is reviewing whether Swedbank AS was involved in money laundering or other criminal activities. Swedbank AS has now been served with a suspicion of money laundering. The maximum fine for the suspected crime is EUR 16 million.

Swedbank AS will review and analyse the suspicion in detail and continue the cooperation with the authority to resolve the historical matter.

Contact:
Unni Jerndal, Senior Advisor, unni.jerndal@swedbank.com, phone: + 46 73 092 11 80 
Annie Ho, Head of Investor Relations, annie.ho@swedbank.se, phone: + 46 70 343 78 15

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