Swedbank Discloses Other US Agency Probes After Sanctions Settlement

Swedbank, whose subsidiary reached a $3.4 million settlement with the Treasury Department this week to resolve allegations it violated U.S. sanctions (see 2306200060), said DOJ, SEC and the Department of Financial Services in New York also are investigating it. The bank is “holding separate discussions with these agencies” and the probes are at different stages, it said June 19. “At this time, the bank cannot assess the extent of potential financial consequences, nor when the investigations will be completed.”

Swedbank Deputy CEO Tomas Hedberg said the bank “takes the historical shortcomings seriously, and has learned from them in the comprehensive work that has been performed to strengthen internal governance and control.”