By Dominic ChoppingSTOCKHOLM--Swedbank said Monday that it has reached a final settlement with the U.S. Treasury's Office for Foreign Assets Control regarding the bank's past shortcomings in preventing money laundering, agreeing to pay 37 million Swedish kronor ($3.5 million). The settlement concerns transactions that were conducted by Swedbank in Latvia in 2015-16 and were reported by Swedbank to OFAC in 2020. The transactions consisted of salary payments and payments that were associated with the operation of a vessel whose owner and operator were located in Crimea, that were subject to U.S. economic sanctions. Swedbank made a provision of SEK40 million regarding the agreement with OFAC in March. Investigations by the U.S. Department of Justice, U.S. Securities and Exchange Commission, and Department of Financial Services in New York are ongoing.

Source: Wall Street Journal June 19, 2023 22:38 UTC