Swedbank said it’s hired the international law firm Clifford Chance to lead an ongoing internal investigation into allegations of money laundering at the bank and to support the bank in communications with U.S. authorities.
The investigation will include a review of the following:
- the bank’s current and historical customer relationships in its Baltic subsidiaries;
- preliminary findings from prior internal reviews; and
- the bank’s response to recommendations made by prior internal reviews, as well as the bank’s AML compliance and governance processes.
Clifford Chance has appointed the international consultancy firm FTI to support them with forensic expertise.
The bank says it’s cooperating fully with the authorities in Sweden, the Baltics, and the U.S., which are conducting investigations regarding historical AML compliance.
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