STOCKHOLM - Swedbank may have withheld information from U.S. authorities over suspicious financial transactions, Swedish Television said on Wednesday, adding to pressure on the bank which is under investigation over money laundering allegations.
The Swedish lender, whose shares fell 4.5 percent on the news, said in an emailed response to Reuters that it “cooperates fully and communicates clearly, correctly and with the best intentions with all relevant authorities”. Media reports have since said the total sum of money linked to suspicious transactions is around $10 billion and alleged Swedbank’s management knew it had failed to report such transactions but failed to take corrective action.
Bonnesen, who was chief audit executive between 2009 and 2011 — a job which included overseeing the bank’s anti-money laundering policy — and consequently headed the lender’s Baltic operations until 2014, has kept the board’s support so far.
People want to hide their money and banks want the fee for hiding it.
Juicy.
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