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Swedbank fined in Stockholm over historic anti-money-laundering failures

Christian Fernsby |
The Disciplinary Committee of Nasdaq Stockholm has found that Swedbank has breached the rules of Nasdaq Stockholm and therefore ordered the Company to pay a fine of twelve annual fees, corresponding to an amount of SEK 46,575,000.

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Topics: SWEDBANK   

The Disciplinary Committee concludes that Swedbank has breached item 3.1 of the Rulebook by not having handled well-known shortcomings in the Company’s processes and routines for anti-money laundering as inside information in accordance with the EU Market Abuse Regulation.

The Disciplinary Committee also concludes that Swedbank has breached item 3.1 of the Rulebook by not having handled information relating to a television program by Sveriges Television’s Uppdrag granskning in February 2019, on suspected money laundering in the Company’s Baltic operations, as inside information.

Taking into account the abovementioned breaches, and the findings in relation to Swedbank’s systems and procedures for handling of inside information, the Disciplinary Committee concludes that the Company has not had adequate capacity for providing information to the market as required under the Rulebook.

The Disciplinary Committee takes a serious view of the Company's violations, which have risked damaging the public’s confidence in the exchange and the Swedish securities markets in general, and consequently orders the Company to pay a fine of twelve annual fees.


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