Swedbank settles US fine tied to 2019 money-laundering revelations

Swedbank will pay a $50 million fine to New York’s financial regulator to resolve allegations of deficient anti-money-laundering controls, the bank confirmed on Monday.

The settlement with the New York State Department of Financial Services (NYDFS) covers two reporting failures in 2016 and 2018 and brings to a close the last of several investigations that began after a 2019 joint investigation by SVT Nyheter and Uppdrag Granskning exposed extensive money-laundering through the bank’s Baltic operations.