Swedbank replies to Estonian and Swedish Financial Supervisory Authorities

Today Swedbank has replied to the Estonian and Swedish Financial Supervisory Authorities’ requests for comments on notification letters. The bank shares many of the authorities’ observations and preliminary conclusions. 

Swedbank’s President and CEO Jens Henriksson commented:

“I take the findings of the Financial Supervisory Authority seriously. There has been insufficient internal governance and control to address deficiencies related to suspected money laundering. These shortcomings have meant that there has been a risk that Swedbank and its subsidiaries have been used to launder money, which is unacceptable from the requirements and expectations, among others, customers, shareholders and supervisors, have on us.”

December 18th, the Swedish Financial Supervisory Authority said that its decision in the ongoing sanctions case against Swedbank will be communicated in March 2020.

Contact:
Unni Jerndal, Head of Press Office, Swedbank, tfn: +46 73 092 11 80

Swedbank encourages a sound and sustainable financial situation for the many households and businesses. 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 600 000 corporate customers and organisations with 173 branches in Sweden and 123 branches in the Baltic countries. The group is also present in other Nordic countries, the US and China. As of 30 September, 2019 the group had total assets of SEK 2 507 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 600 000 corporate customers and organisations with 161 branches in Sweden and 96 branches in the Baltic countries. The group is also present in other Nordic countries, the US and China. Read more at www.swedbank.com

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I take the findings of the Financial Supervisory Authority seriously. There has been insufficient internal governance and control to address deficiencies related to suspected money laundering. These shortcomings have meant that there has been a risk that Swedbank and its subsidiaries have been used to launder money, which is unacceptable from the requirements and expectations, among others, customers, shareholders and supervisors, have on us.
Jens Henriksson, President and CEO, Swedbank