Swedbank Estonia: Initiation of sanction process logical course of events

Swedbank Estonia.
Swedbank Estonia. Source: Priit Mürk/ERR

Considering the ongoing investigations concerning Swedbank, the initiation of a sanction process by the Swedish and Estonian financial supervision authorities is a logical course of events, Swedbank Estonia said on Tuesday.

The bank will not speculate on the potential sanctions, Kristiina Herodes, head of communications at Swedbank Estonia, told BNS.

"As has been previously noted, the primary observations of the financial supervision authorities of the two countries largely overlap with the bank's own conclusions," Herodes said.

"We will likewise continually provide updates on the progress of the internal inquiry and, in the framework of quarterly reports, information about upgrades to the bank's functions and processes related to combating money laundering," she continued.

Swedbank said it received the Swedish Financial Supervisory Authority's (FSA) decision on Tuesday to initiate a sanction process in the ongoing anti-money laundering (AML) investigation.

"In the bank's reply to the FSA's verification letter on Sept. 16, it was noted that many of the key observations made by the FSA correspond to the bank's own observations," the bank said. "The FSA in Sweden will now try and see whether the matter is subject to sanctions or not. Swedbank will continue to cooperate with and provide all information requested by the authorities."

Estonia's Financial Supervision Authority has also launched a misdemeanor proceeding regarding Swedbank AS, the Estonian subsidiary of the Swedish banking group.


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Editor: Aili Vahtla

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