Sweden’s banking authority has closed an investigation into alleged European Union regulations infringement at Swedbank, with no comment issued. Swedbank’s Estonia branch was earlier linked to a large-scale money laundering scandal involving the now-defunct Tallinn branch of Danske.
The Swedish financial supervisory body, Finansinspektionen (FI), had investigated suspected breaches of the EU regulations on market abuse at Swedbank AB, but announced it had closed the investigation with no comment.
Jens Henriksson, president and CEO of Swedbank, said: “One by one we leave the historical issues behind to instead fully focus on our customers’ future.”
The FI opened the investigation in September 2020 into suspected breaches of articles 17 and 18 of the EU’s regulation on market abuse.
The authority has now closed the investigation, with reference to a May 5, 2021 decision by Nasdaq Stockholm disciplinary committee which ordered Swedbank to pay a fine of twelve annual fees, equivalent to 46.6 million Swedish kronor (around €4.7 million), for shortcomings regarding the distribution of information during 2016-2019.
Following a 2019 report by Swedish public broadcaster SVT, Swedbank was issued a fine of 4 billion Swedish kronor, or approximately €360 million, in March 2020.
The report linked money flows through Swedbank in Estonia to the Danske Bank case; the latter saw billions of euros in laundered money flow through Danske’s Tallinn branch, 2007-2015. The branch was later closed.
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