Swedbank suspends two Estonian business heads in money laundering inquiry

Swedbank has suspended with immediate effect the two most senior executives of its Estonian business, which is being investigated over alleged money laundering.

Robert Kitt, who has been Estonia CEO since 2015, and Vaiko Tammevali, Estonia CFO since 2014, had both been suspended, Swedbank said in a statement late on Monday. Kitt and Tammevali, both Estonian, have worked at the bank for more than 15 years. Kitt’s previous jobs include heading the wealth management and corporate banking units, while Tammevali’s included leading the private banking and credit risk units.

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