Swedbank CEO to carry-on despite money laundering review

Swedbank

Sweden’s largest lender and the largest lender in the Baltic region, Swedbank said its CEO will continue in office despite a money laundering review at the bank.

Swedbank said in statement that “After reviewing the FRA Update, the Board confirms its continued confidence in the CEO and her ability to lead and manage the Bank’s work in the fight against money laundering. Swedbank takes its anti-money laundering responsibilities very seriously, and focuses on the continuous improvements of its ability to fight financial crime.”

“The bank, however, said its “The Board of Directors is committed to making available all resources that the management requires to continue this important work. Therefore, the Board has decided to conduct a deeper review in cooperation with the relevant authorities,” says Lars Idermark, Chair, Swedbank.”

“Swedbank is committed to high ethical standards and we acknowledge that the risk of financial crime is a major challenge to society. We will continue to invest in our processes and technology and ensure that improvements are integrated into effective and sustainable day-to-day risk management practices. I have also decided to establish a specialized Financial Crime Intelligence Unit to secure a continued focused approach as criminal behaviour develops over time. Our efforts to combat these risks will continue over time,” says Birgitte Bonnesen, President and CEO, Swedbank,” the bank said.

It would be recalled that the President and CEO of Swedbank, Birgitte Bonnesen appointed Forensic Risk Alliance to conduct an investigation relating to the 50 named entities referred to Swedbank by the TV program “Uppdrag granskning”.