The Disciplinary Committee at Nasdaq Stockholm has levied a fine of twelve annual fees, that is SEK 46.6 million ($5.61m), on Swedbank for its AML deficiencies. Nasdaq had identified the deficiencies during an investigation for the 2016-2019 period.
The Disciplinary Committee found that Swedbank’s (former) top management was aware for a long time of the shortcomings in its AML processes. Recognizing that the bank violated Nasdaq’s rules during December 2016-February 2019, the Committee decided on a financial penalty.
Swedbank has said that it agrees with Nasdaq’s conclusions from its investigation and had already anticipated a financial penalty. The bank has also stated that it has taken significant measures to improve its information disclosure processes.
Source: Nasdaq Stockholm