Sweden’s financial regulator on Wednesday announced it will wait until June to conclude its money laundering investigation into Scandinavian Enskilda Banken AB (SEB) due to the coronavirus pandemic.
The Finansinspektionen (FI) had intended to share the findings of the probe in April, according to a previous announcement. The FI is investigating SEB’s governance and control of measures against money laundering in the bank’s subsidiaries in the Baltic countries.
The FI’s investigation is being carried out in collaboration with regulatory authorities in Estonia, Latvia, and Lithuania
“The reason why FI delays this decision is the effects of the spread of the coronavirus and the re-priorities that this has led to in FI,” the regulator said in a translated news release.
The announcement comes a week after the FI and Estonia’s financial regulator issued a record 4 billion Swedish Krona (U.S. $390 million) administrative fine upon Swedbank AB for deficiencies in its management of the risk of money laundering in its Baltic operations.