The U.S. Securities and Exchange Commission (SEC) has officially concluded its six-year investigation into Swedbank without taking any enforcement action, the Swedish lender announced on Saturday.
The investigation, which began in 2019, cantered on Swedbank’s historic disclosures related to anti-money laundering (AML) compliance and allegations of inadequate reporting of suspicious transactions. The probe was part of a broader scrutiny of Nordic banks over suspected money laundering activities in the Baltics during the 2010s.
Swedbank confirmed that the SEC’s decision brings closure to one of the major regulatory inquiries the bank has faced in recent years. However, other U.S. authorities, including the Department of Justice (DoJ) and the New York Department of Financial Services (DFS), continue their investigations into related matters. Swedbank stated that it cannot yet assess the timeline or potential financial impact of those ongoing cases.
The announcement was welcomed by investors, with shares in Swedbank showing signs of relief in early trading following the news. The bank emphasized that it has since implemented significant improvements to its AML systems and governance structures.
“We are pleased that the SEC has closed its investigation without enforcement action,” Swedbank said in its press release. “This marks an important step in resolving legacy issues.”
The SEC’s decision does not affect separate inquiries by Swedish or Baltic authorities, some of which have already resulted in administrative fines.
Swedbank has previously admitted to deficiencies in its anti-money laundering controls and has since invested heavily in compliance upgrades and internal reforms.
Key Facts:
– Investigation Duration: 2019–2025 (six years)
– Focus: Historic disclosures and anti-money laundering compliance
– Outcome: No enforcement action taken by the SEC
– Ongoing Investigations: DoJ and NY DFS inquiries remain active