STOCKHOLM (AP) — A big Scandinavian bank is suspected of having failed to stop money laundering, the latest in a series of banks from the region to get caught handling dirty money.
Sweden’s financial supervisory authority said Thursday it had imposed an administrative fine of 1 billion kronor ($150 million) on Skandinaviska Enskilda Banken AB, known as SEB, for “deficiencies in identifying and managing the risk of money laundering” at its its Baltic subsidiaries.
The agency’s investigation covered the period from 2015 to the start of 2019.
Several Nordic banks have been found to have handled dirty money, largely through subsidiaries in the Baltic countries that they had acquired in previous years.
Among the biggest is Denmark’s Danske Bank, which has admitted to massive money laundering at its Estonian subsidiary. An internal investigation found that some 200 billion euros ($226 billion) that had flowed through the bank’s accounts from 2007 to 2015 was suspicious in nature.