The bank “has been summoned as a suspect to an interrogation,” Swedbank AB disclosed,
explaining that its Estonian unit has been named a ‘suspect; in an Estonian criminal related ‘money-laundering’ investigation.
Estonia’s Central Criminal Police notified the bank that Swedbank AS, its Estonian subsidiary, has been summoned as a “suspect to an interrogation,” Swedbank said in a statement released, WSJ finds.
Estonian investigators are probing whether the Stockholm-based financial institution was involved in money-laundering and other criminal violations.
The bank said it “cooperates with the authorities” and shares all related information.
*Bloomberg’s tweet on Swedbank’s investigation scandal
BREAKING: Estonian law enforcement authorities confirm money laundering investigation into Swedbank in response to our criminal complaint and combine it with their Danske Bank investigation opened last year https://t.co/hssN902pp7
— Bill Browder (@Billbrowder) April 12, 2019
“The bank has no further information as to how this investigation will proceed or what the implications of it may be,”
In addition, Swedbank has for several years faced law enforcement scrutiny over its operations in the Baltic countries, where the bank has a significant presence.
Sweden’s financial supervisory authority, known as Finansinspektionen, in 2020 imposed a 4 billion Swedish kronor
(about $397 million at the time) fine on the bank after finding serious deficiencies in its anti-money-laundering measures following an investigation in cooperation with authorities in Estonia, Latvia and Lithuania.