"We have a very ambitious action programme for the purpose, and we report on it every quarter."
The bank, which has already been fined a record four billion kronor in Sweden for handling suspicious transactions, said the latest probe covers its conduct between Sept 20, 2018 through Feb 20, 2019, and"pertains to disclosure of insider information and the obligation to establish an insider list... in connection with the disclosure of suspected money laundering within the company".
Swedbank remains the target of multiple international investigations following reports by Swedish state broadcaster SVT that the bank may have allowed more that US$100 billion in suspicious cash to flow through its operations. Elliott Stein, a senior analyst in litigation for Bloomberg Intelligence in New York, said the"risk of fines related to this disclosure issue is likely incremental to its larger money laundering issues. It's also unclear why Swedish authorities weren't aware of this issue earlier in their money-laundering probe".
That followed revelations that Swedbank had warned its biggest shareholders that SVT was about to run a critical report, which resulted in a sharp drop in its share price.For daily updates on weekdays and specially selected content for the weekend. Subscribe to