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The European Central Bank (ECB) is looking into Swedbank's Estonian operations, Swedish daily Dagens Nyheter reported on Wednesday, citing an undisclosed source. The ECB wants to know how well Swedbank's Estonian subsidiary kept itself informed about its customers, the paper said, citing the source. The newspaper also reported, citing the Swedish financial supervisory authority, that it had shared with the ECB a report commissioned by Swedbank on its Baltic operations.
Swedish bank SEB's fund management arm has cut its stake in rival Swedbank by just over half, citing risks Sweden's biggest mortgage lender faces due to its alleged involvement in a fast-growing Baltic money laundering scandal. Swedbank has come under heavy criticism from politicians, investors and the general public over allegations that its Baltic operations processed billions of dollars of transactions linked to Russian money laundering. The scandal, which broke on Feb. 20, has led to Swedbank's CEO and chairman leaving and the launch of several regulatory investigations into the bank.
Denmark's financial watchdog said on Wednesday a Danish branch of Swedish bank SEB should obtain additional information on customers associated with high money-laundering risk as part of a check-up on the bank. "The Financial Supervisory Authority (FSA) estimates that the branch's inherent risk of being misused for money laundering or financing of terrorism is normal to high in relation to the average of financial businesses in Denmark," the watchdog said in a statement. The FSA carried out its checks on the Danish branch of SEB Kort Bank AB in March 2018 and has just published its findings.
STOCKHOLM (Reuters) - Sweden's decision on whether to be part of Europe's banking union should be determined by whether or not the country joins the euro zone, the head of the Sweden's Financial Supervisory ...