Swedbank Enters Agreement with Latvian Authorities

Swedbank Enters Agreement with Latvian Authorities
23.11.2016 07:15 am

Swedbank Enters Agreement with Latvian Authorities

Infrastructure

Lately Latvia has taken important steps in combatting money laundering by the actions of the Financial and Capital Market Commission (the Commission) to increase standards for control. Following a recent audit by the Latvian Commission, Swedbank has committed to implementing a series of further actions in order to mitigate identified deficiencies.

During spring of 2016, the Commission carried out an inspection related to the effectiveness of Swedbank’s internal control systems for the prevention of money laundering in Latvia.

The findings include deficiencies in internal control systems, processes and documentation. Based on the audit results the Commission and Swedbank Latvia have entered into an administrative agreement. The agreement includes a fine of EUR 1.36 million and a series of mitigating actions.

- Swedbank takes the findings in the Commission’s audit very seriously. Swedbank is committed to actively working towards further improvement of our internal control system and elimination of any shortcomings and has cooperated fully with the Latvian authorities, says Priit Perens, Head of Baltic Banking, Swedbank.

The Bank is currently implementing a series of measures aimed at improving its internal control systems including specific areas identified by the Commission that are part of the administrative agreement.

Swedbank AB (publ) is required to disclose this information pursuant to Regulation (EU) No 596/2014 on market abuse, the Swedish Financial Instruments Trading Act (1991:980) and the regulatory framework of Nasdaq Stockholm). This information was sent to be published on 23 November 2016 at 07.20 CET.

Swedbank promotes a sound and sustainable financial situation for the many people, households and companies. Our vision is to contribute to development “Beyond Financial Growth”. As a leading bank in the home markets of Sweden, Estonia, Latvia and Lithuania, Swedbank offers a wide range of financial services and products. Swedbank has over 7 million retail customers and around 640 000 corporate customers and organisations with 266 branches in Sweden and 143 branches in the Baltic countries. The group is also present in other Nordic countries, the US and China. As of 30 September 2016 the group had total assets of SEK 2 394 billion.

Related News

IPC Announces Expanded Partnership With Beeks Financial Cloud

... Read more »

Database Monitoring Shown to Improve DevOps Success for Financial Services

A newly released Financial Services edition of Redgate’s 2020 State of Database Monitoring Report reveals the sector is outperforming... Read more »

Atos Becomes Strategic Partner of Student Loans Company

The Student Loans Company (SLC) has appointed Atos, a global leader in digital transformation, to support the delivery of improvements to SLC’... Read more »

25,000 People Pre-register for Chip’s Biggest Funding Round Yet

Chip, the automatic saving app offering access to market leading returns, is about to launch its biggest funding round yet to a record number of pre-registrations. The company... Read more »

Apex Partners with Calypso to Provide Middle and Back-office Services to Ardent Financial

Apex Group Ltd. (“Apex”), a global financial services provider, announces today that it has been appointed to provide front to back office solutions to FCA... Read more »

New Free Whitepaper Helps FSI Businesses Achieve Digital Transformation- Fincons Group

Today, Fincons Group, an international system integration consultancy with offices in Italy, Switzerland, the UK, France, the U.S. and Germany, releases a new free guide to... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel