The Financial Supervision Authority has decided to terminate misdemeanor proceedings against Swedbank so as not to hinder criminal proceedings launched by the Office of the Prosecutor General and rule out the risk of double punishment.
The authority initiated its proceedings on October 28 to investigate a potential anti-money laundering misdemeanor discovered during a control action. After coming across elements of criminal misconduct, the agency has decided to terminate its proceedings in favor of criminal ones. The supervision authority is working with the prosecutor's office on proceedings.
The watchdog will continue an ongoing control action the aim of which is to maintain financial stability and a transparent market by guiding Swedbank's conduct.
The Financial Supervision Authority is cooperating with Swedish and Baltic counterparts. The agencies coordinate their actions and share information and conclusions.
Editor: Marcus Turovski