The Swedish Financial Supervisory Authority (FSA) has launched an investigation to determine whether customer checks at the Swedish bank Swedbank were sufficient to comply with national requirements for preventing the legalization of illegally obtained funds.
The investigation will cover the period from December 2023 to November 2025 and will focus on the bank's internal control mechanisms and customer due diligence procedures.
"The way banks and financial companies manage the risks of money laundering and terrorist financing in their operations is a priority for the FSA in 2026," the regulator emphasized in a comment to Reuters. However, the supervisory authority did not specify whether the inspection is routine or was initiated due to suspicions of violations.
In response to a request from Reuters, Swedbank suggested directing all inquiries related to the investigation to the FSA.
The U.S. Department of Justice's investigation into Swedbank for suspected money laundering was concluded in January without imposing a fine. It was related to the scandal of money laundering in the Baltic countries, which previously erupted around Danske Bank.
