Swedbank fined $50 million by New York authorities over Panama Papers revelations
Swedbank has agreed to pay a $50 million fine to New York regulators to settle a long-running investigation into money laundering. The probe focused on the bank's failure to maintain adequate anti-money laundering controls and its misleading disclosures regarding ties to the Panama Papers.
Why it matters
This settlement marks the conclusion of a significant international regulatory probe into financial transparency and institutional compliance with anti-money laundering laws.
The Swedish bank and its New York subsidiary agreed to the penalty to settle final U.S. probe tied to money laundering case, officials say.
Swedbank has agreed to pay a $50 million fine to New York’s state financial regulator to settle a money laundering case tied to the Panama Papers.
The Swedish group reached the settlement with the New York State Department of Financial Services (DFS), which first launched the investigation in 2019.
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