December 20, 2019 / 3:03 PM / a month ago

Swedbank says there was risk it was used to launder money in Baltic

STOCKHOLM, Dec 20 (Reuters) - Sweden’s Swedbank repeated on Friday that there was a risk it had been used to launder money, in a response to requests for comment by the Estonian and Swedish financial watchdogs on their separate probes into the bank.

Swedbank said it shared many of the authorities’ observations and preliminary conclusions, adding there had been “insufficient internal governance and control to address deficiencies related to suspected money laundering”.

“These shortcomings have meant that there has been a risk that Swedbank and its subsidiaries have been used to launder money, which is unacceptable from the requirements and expectations, among others, customers, shareholders and supervisors, have of us,” Swedbank CEO Jens Henriksson said in a statement.

Swedbank is also being investigated by U.S. authorities.

Reporting by Helena Soderpalm; Editing by Simon Johnson

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