Swedbank said it expects to pay 40 million Swedish krona (U.S. $3.7 million) as part of a settlement with the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) related to apparent sanctions violations.
Swedbank acknowledged the provision in a press release Friday. It said OFAC’s investigation related to “historical shortcomings” but did not specify whether the settlement will address its self-disclosure to the regulator previously announced in March 2020.
