Swedbank Says US DOJ Closes Probe Into Bank Without Enforcement

Core Viewpoint - The US Department of Justice has closed its investigation into Swedbank AB without enforcement action, marking a significant step towards concluding a nearly seven-year money-laundering probe [1] Group 1: Investigations and Outcomes - The New York Department of Financial Services is still conducting an ongoing investigation into Swedbank [1] - The Securities and Exchange Commission (SEC) also concluded its investigation into Swedbank in September without further action, which focused on the bank's past failures in anti-money laundering and counter-terrorism financing [2] - The closure of these investigations allows Swedbank to move past years of scrutiny regarding its anti-money-laundering controls, particularly in its Baltic operations [3] Group 2: Historical Context and Penalties - Swedbank was involved in a significant money-laundering scandal linked to $230 billion in suspicious funds from the former Soviet Union, which occurred between 2007 and 2015 [3] - In 2020, Swedbank was fined 4 billion Swedish kronor by Swedish authorities for breaching anti-money-laundering regulations [4] - The former CEO of Swedbank, Birgitte Bonnesen, was found guilty in 2024 of making misleading statements related to the scandal and is currently appealing her 15-month prison sentence [4]