(Reuters) -Swedbank on Saturday said that the U.S. Securities and Exchange Commission (SEC) has closed its investigation into the bank without enforcement. The investigation was initiated in 2019 and concerned Swedbank’s historic disclosures of information, the company said. In 2019, Swedbank admitted to failings in combating money laundering and said it was under investigation by […]
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US SEC closes investigation of Swedbank
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(Reuters) -Swedbank on Saturday said that the U.S. Securities and Exchange Commission (SEC) has closed its investigation into the bank without enforcement.
The investigation was initiated in 2019 and concerned Swedbank’s historic disclosures of information, the company said.
In 2019, Swedbank admitted to failings in combating money laundering and said it was under investigation by multiple U.S. authorities.
The bank found itself caught up in a regional money laundering scandal originating with Danske Bank , which said in 2018 that 200 billion euros ($234.14 billion) of suspicious funds moved through its Estonia branch between 2007 and 2015.
The U.S. Department of Justice and Department of Financial Services in New York’s investigations into the bank are still ongoing.
Sweden’s oldest bank also said it cannot at this time assess the potential financial impact or when these investigations will be concluded.
($1 = 0.8542 euros)
(Reporting by Harshita Meenaktshi in Bengaluru; Editing by Alexandra Hudson)