Economics
Swedbank Faces Bigger Risk of Fines as Watchdog Weighs Sanctions
- Sanctions could mean fines of 10% of bank’s annual income
- Estonia also reveals it launched criminal probe in July
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Swedbank AB faces an increased risk of fines amid allegations its Baltic operations may have handled more than $100 billion in potentially suspicious funds, the lender’s regulator said.
Sweden’s financial watchdog gave its strongest indication yet that there’s evidence of serious wrongdoing at Sweden’s oldest bank and biggest mortgage lender. Its findings to date show there could be grounds for sanctions, which under Swedish law can mean fines of up to 10% of a bank’s total annual income. In Estonia, state prosecutors said on Tuesday they had launched a separate criminal investigation into the country’s largest lender in July.