Swedbank's US Investigation Concludes, But Legal Scrutiny Continues
The SEC concludes its investigation into Swedbank, while other inquiries continue.
Key Points
- • Swedbank's investigation concludes regarding historical shortcomings.
- • The inquiry began in 2019 due to suspected money laundering.
- • Tomas Hedberg confirms closure by the SEC.
- • Ongoing investigations by US Department of Justice and DFS.
The long-running investigation into Swedbank's disclosure practices related to the US securities market has officially concluded, according to an announcement from the Securities and Exchange Commission (SEC). This inquiry, which began in 2019, was primarily focused on suspected money laundering linked to Swedbank's operations in the Baltics. Tomas Hedberg, Swedbank's Vice President and Head of Special Task Force, confirmed that the SEC's closure of this investigation addresses historical shortcomings in the bank’s reporting but also noted that the bank is still facing scrutiny from the US Department of Justice and the New York State Department of Financial Services (DFS). These ongoing investigations remain open, with no clear timeline for their completion. The situation highlights ongoing concerns about compliance within Swedbank, as it navigates these continued legal challenges.