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Swedbank Settles New York Money-Laundering Probe With $50 Million Fine
Swedbank AB will pay a $50 million fine to the New York State Department of Financial Services to resolve a money laundering investigation tied to the Panama Papers. The settlement ends a seven-year U.S. probe that began in 2019.
Jul 17, 5:24 PM·1m read2 sources
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Swedbank AB agreed to pay a $50 million fine to the New York State Department of Financial Services to settle a money laundering investigation tied to the Panama Papers. The settlement resolves the final U.S. probe into the Swedish bank and its New York subsidiary, ending a seven-year inquiry that spanned three authorities, Bloomberg reported.
The New York regulator opened the investigation in 2019. It examined Swedbank’s anti-money laundering and counterterrorism financing controls along with the bank’s disclosures to regulators from 2007 through 2019, according to a Swedbank statement. The department accused Swedbank of withholding information and misleading investigators during the probe into the bank’s ties with Mossack Fonseca.
Swedbank failed to disclose information on two occasions in 2016 and 2018, Bloomberg reported. ICIJ reported that the Panama Papers, a 2016 cross-border investigation led by ICIJ and Süddeutsche Zeitung, showed that customers of Swedbank’s Estonia subsidiary used Mossack Fonseca as a registered agent.
