The Financial Supervision Authority (FSA) has opened a misdemeanor proceeding against Swedbank, a major bank in Estonia, following issues which came to light earlier this year following supervisory procedures into verifying anti-money laundering (AML) compliance, Baltic News Service reports.
The corporate misdemeanor proceeding are aimed at ascertaining whether a misdemeanor in AML proceedings took place and any guilt in the matter.
Swedbank is also subject to financial supervision from the FSA which is intended to preserve financial stability and market transparency, BNS reports.
The FSA is cooperating with the relevant authorities both in Estonia and in Swedbank's country of origin, Sweden, meaning that the FSA will be cooperating with its Swedish counterpart and sharing information.
The results of the misdemeanor proceedings are to be announced early in 2020 at the earliest, BNS reports.
Following revelations, including on an investigative Swedish TV report, that sums of around €135 million in potentially illicit funds had passed through the Tallinn branch of Swedbank over a 10-year-period, former CEO Rober Kitt and former CFO Vaiko Tammeväli were suspended, in June this year.
Acting CEO Olavi Lepp and acting CFO Anna Kouts were recently confirmed full-time in their roles.
Editor: Andrew Whyte