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October 29, 2019: Finantsinspektsioon of Estonia opens AML investigation of Swedbank

Finantsinspektsioon of Estonia opened sanctioning case with regard to Swedbank AS

On 28 October 2019, Finantsinspektsioon decided to open a misdemeanour case at Swedbank AS, an Estonian subsidiary of the Swedish banking group.

The decision was taken after some evidence of a misdemeanour appeared during a financial supervisory investigation into compliance with anti-money laundering rules that was launched earlier this year. In this separate misdemeanour proceeding, investigators are looking into whether the anti-money laundering rules were broken and whether this was unlawful, whether it was done deliberately, whether there are grounds for ending the investigation without proceeding further and other important issues. The misdemeanour process may apply punishments and sanctions, while financial supervisory proceedings are conducted in the interests of financial stability and transparency. The financial supervisory investigation at Swedbank AS will continue.

Finantsinspektsioon is working extensively in the supervisory case with Swedish and other Baltic authorities, and the supervisory authorities are coordinating their activities and sharing information and assessments. Finantsinspektsioon does not conduct criminal proceedings and nor is it authorised to investigate criminal cases.

Finantsinspektsioon plans to release the results of the investigations at the beginning of next year at the earliest.


Finantsinspektioon notice

Categories: Anti-Money Laundering Enforcement Actions Finantsinspektioon updates Investigations


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