Sweden’sSEB bank has to pay a SEK1 billion (US$107 million) administrative fine for failing to provide adequate anti-money laundering (AML) measures in its subsidiaries in Baltic countries, Swedish financial watchdogannounced last week.
Sweden’s SEB bank replaced on Friday the head of its Baltics division who was in charge when media revealed last year that billions of euros were funneled through the Baltic branches by “low transparency” customers.
A wealthy Ukrainian lawmaker and Olympic show jumper who fled the country after he was accused of corruption three years ago, plans to return in December and face charges of fraud and money laundering, according toKyiv Post.
Sweden’s SEB bank admitted billions of euros were funneled by “low transparency” customers in its three Baltic state branches, ahead of an investigation by five news organizations.
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