Swedbank involved in Danske Bank scandal - report

Wednesday, 20. February 2019 09:59

Swedbank AB had at least 40 billion Swedish crowns ($4.30 billion) in transfers with Danske Bank's accounts in the Baltic countries between 2007 and 2015, Swedish television reported on Wednesday citing documents showing transactions by over 1,000 suspicious clients. The report claims the companies involved had unknown beneficial owners with no visible operations, and were based in the same countries from the money laundering scandal in Danske Bank, mostly former Soviet republics.

Swedbank spokesman Gabriel Francke Rodau said that the company is "comfortable with the systems and processes we have to prevent and avert money laundering," but could not comment on the details of the matter due to internal secrecy rules.

Danske Bank is being investigated in Denmark, Estonia, France, Britain and the United States over the €200 billion money laundering scandal, which also led to a probe whether Deutsche Bank was involved.

Swedbank's shares lost 6.55% at 10:03 am CET.

Related Links: Danske Bank A/SSwedbank AB
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