Swedbank AB (publ)
From 2019 several authorities opened inquiries into the bank's past anti-money laundering workS5. On 19 March 2020 Finansinspektionen issued a warning and a SEK 4 billion fine for major deficiencies in Baltic anti-money laundering workS1. A Clifford Chance report for the board found high-risk transactions of about EUR 37 billion but could not conclude money laundering took placeS2. Swedbank settled with OFAC for SEK 37 million in June 2023S3. The SEC closed its probe without enforcement in September 2025S4 and the DOJ in January 2026, according to the bankS5. The former chief executive was convicted on appeal in September 2024S6 and acquitted by the Supreme Court on 21 April 2026S7.
- Also known as
- Swedbank
- Headquarters
- Sweden
- Records from
- Sweden, United States
- Current status
- Operating bank. The SEC closed its investigation without enforcement in September 2025S4, and the bank disclosed on 14 January 2026 that the US Justice Department had closed its investigation without enforcementS5. A New York Department of Financial Services investigation continuesS5. Sweden's Supreme Court acquitted the former chief executive on 21 April 2026S7.
Scope. This record covers Swedbank's Baltic anti-money laundering failings and the cases that followed. It does not cover Danske Bank's Estonian branch, which is a separate matter, or Swedbank's Estonian, Latvian and Lithuanian proceedings beyond the joint supervisory work.
Claims assessed
4 claims. Scores grade the evidence for each claim, not the organization.- Supported92Sweden's financial regulator found in March 2020 that Swedbank had major deficiencies in its anti-money laundering work in the Baltics and fined it SEK 4 billion.Regulator statement, 19 March 20203 records citedMoney laundering
- Supported68Swedbank said in March 2020 that a Clifford Chance report found high-risk transactions of about EUR 37 billion in its Baltic units, but could not conclude that money laundering took place.Company statement, 23 March 20203 records citedMoney laundering
- Outdated89AFP reported in September 2024 that a Swedish appeal court sentenced Swedbank's former chief executive to 15 months in prison for gross swindling over statements on money laundering links.Press report, 10 September 20243 records citedDisclosure
- Outdated69Swedbank said in June 2023 that investigations by the US Justice Department and the SEC into the bank were ongoing.Company statement, 19 June 20233 records citedSanctions
Cases and proceedings
- Finansinspektionen and Swedbank ABFinansinspektionen (Swedish Financial Supervisory Authority). Regulatory. Not published in the release read.Stage: Sanction issued on 19 March 2020.
- Warning and SEK 4 billion administrative fineS1
- US authorities and Swedbank ABUS Treasury Office of Foreign Assets Control, US Securities and Exchange Commission, US Department of Justice. Regulatory. Not published.Stage: OFAC settled in June 2023. SEC and DOJ closed without enforcement. New York DFS open.
- Swedish Prosecution Authority v. former chief executive of SwedbankSupreme Court of Sweden (Högsta domstolen). Criminal. B 7476-24.Stage: Acquitted by the Supreme Court on 21 April 2026. Final.
Responses on record
- Swedbank AB, 23 March 2020, on Swedbank said in March 2020 that a Clifford Chance report found high-risk transactions of ...
The chief executive said cultures in the bank had not been acceptable and called it serious.S2
- Swedbank AB, 19 June 2023, on Swedbank said in June 2023 that investigations by the US Justice Department and the SEC in...
A deputy chief executive said the bank takes the historical shortcomings seriously and has learned from them.S3
Revision history
- Profile and 4 assessments first published. Records checked to 25 October 2026.
Source records
- S1Tier A Swedbank receives a warning and an administrative fine of SEK 4 billionFinansinspektionen. Regulator press release. 19 March 2020.Supports the fine and the finding of major Baltic deficiencies. It does not state that money laundering was proven.Link working, checked 25 October 2026
- S4Tier B SEC closes investigation of SwedbankSwedbank AB. Company statement. 6 September 2025.Company disclosure of the SEC closure. It says the DOJ and DFS probes were then still open.Link working, checked 25 October 2026
- S5Tier B DOJ has closed the investigation of SwedbankSwedbank AB (publ). Company statement. 14 January 2026.The bank's own release, issued as inside information, on the DOJ closure. It says the New York DFS probe was still open. No DOJ record was found.Link working, checked 25 October 2026
- S6Tier C Sweden jails former banking boss over swindlingThe Local Sweden (AFP). Press report. 10 September 2024.AFP report of the Svea Court of Appeal conviction. Overtaken by the 2026 Supreme Court ruling.Link working, checked 25 October 2026
- S7Tier A Högsta domstolens dom, mål nr B 7476-24Supreme Court of Sweden (Högsta domstolen), copy hosted by Ledarsidorna. Court judgment. 21 April 2026.Text of the Supreme Court judgment acquitting the former chief executive. Read as a third-party copy. The domstol.se file could not be loaded.Link working, checked 25 October 2026
- S2Tier B Swedbank comments on Clifford Chance reportSwedbank AB. Commissioned report. 23 March 2020.Company summary of the report it commissioned, hosted by a law firm. It is not an official finding.Link working, checked 25 October 2026
- S3Tier B Swedbank reaches agreement with OFACSwedbank AB. Company statement. 19 June 2023.Company account of the OFAC settlement and of US probes then open. The OFAC release itself was not read.Link working, checked 25 October 2026