Swedbank has reached a $50 million settlement with the New York State Department of Financial Services (DFS) to conclude an investigation into its anti-money laundering (AML) practices. This substantial payment, which translates to roughly 482 million Swedish kronor, will be accounted for as an expense in the bank’s financial results for the third quarter.
The DFS investigation, initiated in 2019, scrutinized Swedbank’s approach to anti-money laundering and counter-terrorism financing over a span of more than a decade, from 2007 to 2019. The probe focused on the bank’s operations and information reporting practices in several key regions, including Sweden, Estonia, and the United States.
Jens Henriksson, President and CEO of Swedbank, addressed the resolution by noting that the investigation pertained to incidents that occurred over ten years ago. He emphasized that reaching this settlement enables the bank to put a long-standing issue behind it and continue moving forward.
