Swedbank Internal Investigation Shows Large Gaps in AML and Sanctions Compliance as Former CEO Loses Severance Pay

On March 23, 2020, Swedbank released the investigative report conducted by law firm Clifford Chance showing anti-money laundering (“AML”) and sanctions gaps during the period 2014-2019, mainly in Swedbank’s Baltic operations.[1]  The report[2] comes at a time when Swedbank faces a joint investigation conducted by the Swedish Financial Supervisory Authority and the Estonian Financial Supervisory Authority, an investigation by Sweden’s economic crimes body and the U.S. and New York investigative and law enforcement authorities.[3]