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Financial Services

Swedbank says it won’t sue former CEO over 2019 money laundering violations in Baltics

Nordic banking giant Swedbank has announced it will not file claims for damages against its former top executive and board after it came under investigation for money-laundering breaches in the Baltics in 2019.

Following this review, the Swedish bank’s share price tumbled by a third in 2019, and the bank was fined 4 Billion Swedish crowns ($484 Million) in March 2020 for serious deficiencies in its anti-money laundering framework.

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