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The Swedish service carried out SEB money laundering prevention mechanisms, which operated from 2015 to 2019. First quarter survey at branches in Estonia, Latvia and Lithuania.
According to the service, SEB has been unable to identify and manage the money laundering risks associated with some of the bank’s clients.
“Despite the increased risk of money laundering in the Baltic countries, the bank did not take sufficient measures in a timely manner,” said Erik Thedeen, head of the Financial Supervisory Authority.
In response, SEB did not emphasize the severity of the sanction and stated that the notification of service infractions “is less than the administrative sanction that is imposed when the infraction is not considered serious”.
“The FSA also decided to impose a SEK 1 billion fine on SEB, which is approximately 14 percent of the maximum amount that the FSA can impose in this case, as well as an order to take certain measures to improve the monitoring of its operations”. SEB will now analyze this decision. We always strive to comply with current laws and high internal standards, and we are constantly improving the bank’s ability to prevent, detect, and report suspected money laundering and other financial crimes. This work is a priority and will never end, especially as crime is constantly finding new ways, “said President and CEO Johan Torgeby.
According to the bank, all Swedish and Baltic supervisors have already completed their investigations into SEB’s money laundering prevention mechanisms.
The official report of the Financial Supervisory Authority focuses on the Estonian division of SEB. Last year, the bank itself recognized that through its branches in the Baltic States in 2005-2018. A billion-dollar cash flow of uncertain origin has flowed. Most of it is 25.8 billion. EUR – went to the SEB branch in Estonia.
SEB’s unexpected confession about suspicious amounts of money appeared the day before an international investigation by Swedish SVT television with partners in the Baltic countries (including Siena). According to leaked dekio bankas data, the investigation showed that Russia’s dirty and even blood-stained money could flow through SEB. You can find this study here.
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