The Swedish Financial Supervisory Authority (SFSA) has initiated an investigation into Swedbank for suspected breaches of market abuse.
This investigation is reportedly encompasses the period of September 20 2018 through to February 20 2019. It is in relation to alleged insider information and the obligation to establish an insider list (articles 17 and 18) in connection with the disclosure of suspected money laundering within the company.
Swedbank announced that it has received the notification from the regulator and it is assisting with the investigation.
No other details of the event have been disclosed.
This is not the first time this year Swedbank has been accused of failings in its compliance. In March, it was revealed an investigation into the bank identified around $4.8m worth of transactions constitute as sanction violations.
Following its discovery, the bank informed the US Treasury’s Office of Foreign Asset Control (OFAC).
Furthermore, a report from law firm Clifford Chance claimed the bank has seen more than €37bn worth of suspicious transactions flow through its doors between 2014 and 2019.
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