New York regulators also investigating Swedbank - report

Wednesday, 27. March 2019 16:19

The New York State Department of Financial Services initiated a probe into Swedbank AB's alleged money laundering activities and its relation with other financial institutions involved in similar scandals, the Financial Times reported on Wednesday. the United States regulator is currently looking into seven separate matters involving the Swedish bank.

Earlier, media reported that the largest Swedish lender had at least 40 billion Swedish crowns ($4.30 billion) in transfers with Danske Bank A/S's accounts in the Baltic countries between 2007 and 2015. Danske Bank is already under multiple investigations by the EU and the US authorities for alleged money laundering.

The Swedish Economic Crime Authority (SECA) announced today that it has conducted a raid of the offices of Swedbank headquarters in Stockholm. The stock price of the financial institution plummeted following these reports, losing 10.60% at 16:18 pm CET.

Related Links: Swedbank AB
Breaking the News / MA