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4/25, 8:11 AM (Source: TeleTrader)
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Swedbank forming financial crime unit

Swedbank AB announced on Thursday it is forming an Anti-Financial Crime unit (AFC) and that it is "cooperating fully" with authorities looking into the bank's alleged involvement into Danske Bank money laundering scandal.

According to the press release, AFC will focus on anti-money laundering, counter-terrorism financing, fraud prevention, cyber security, information security, and physical security. In addition to its primary focus, the bank said the unit will "coordinate internal and external investigations within the AML area, which includes cooperating with authorities."

In relation to the current investigations, Swedbank said it appointed external advisors, including Clifford Chance, to assist in an internal investigation into anti-money laundering compliance. Hours earlier, local newspaper Svenska Dagbladet reported the Swedish Financial Supervisory Authority's investigation from 2016 found that the lender failed to notify the police its high-risk customers triggered 42 money laundering alarms in the bank's internal monitoring system.

Breaking the News / MD