STOCKHOLM (Reuters) – Sweden’s financial watchdog said on Wednesday that lender SEB’s past deficiencies regarding money-laundering were well known, after Swedish Television (SVT) aired a programme saying 8.2 billion Swedish crowns ($919 million) in suspicious funds had passed through the bank.
SVT’s allegations were based on leaked suspicious activity reports (SARs) filed by banks and other financial firms with the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN), which were reported by U.S. and other media on Sunday.
“The fact that there has been suspected illicit financial flows through SEB in the Baltic region is something that has been reported on…so in that sense this information is not new,” the FSA told Reuters.
The Baltic scandal, first ensnaring Danske Bank
and resulting in a record Swedish fine for Swedbank
, lifted the lid on money flows from Russian and other non-resident clients into the European Union and elsewhere.