Swedbank has canceled the severance pay of its former CEO and accepted a record fine of 4 billion Swedish Krona (U.S. $390 million) in the wake of the findings of an independent investigation into its anti-money laundering (AML) deficiencies.
Law firm Clifford Chance, retained by Swedbank in February 2019 to conduct the probe, revealed its findings during a press conference Monday morning. Many of the issues revealed mirror the conclusions drawn by financial watchdogs in Sweden and Estonia in assessing the $390 million penalty last Thursday.
