Swedbank has been fined a total of $5.5million (SEK46.6m) by Nasdaq Stockholm’s disciplinary committee for historical AML (anti-money laundering) failures.

Swedbank has been fined a total of $5.5million (SEK46.6m) by Nasdaq Stockholm’s disciplinary committee for historical AML (anti-money laundering) failures.

A spokesperson for Nasdaq Stockholm said: “The disciplinary committee states that Swedbank over a long period of time had shortcomings in its AML processes and routines and that the shortcomings were known to the bank’s former top management for a long period of time.”

The fine relates to issues between 2016 and 2019.

The latest penalty follows the bank’s record $386million (SEK 4billion) fine from Sweden’s financial supervisory authority Finansinspektionen last year for AML deficiencies in its Baltic operations.

The investigation was launched following media reports that suspicious transactions may have passed through the bank’s Estonian branch. It found the bank’s awareness of the risk of money laundering and its processes, routines and control systems had been insufficient.

The Estonian money laundering scandal also notably engulfed Danske Bank.

Jens Henriksson, President and CEO of Swedbank, responding to the Nasdaq action this week, said: “During the last year, the bank has undertaken several measures to strengthen processes for the disclosure of information. Today’s decision means that yet another issue concerning the bank’s historical shortcomings, is closed.”

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