By Reuters
Swedish bank SEB said on Thursday it has agreed to pay $33 million to the New York State Department of Financial Services (DFS) following a review of the bank’s anti-money laundering procedures in the Baltic region from 2015 to 2019.
- The review concerned SEB’s “former procedures and processes for customer due diligence and transaction monitoring in its Baltic operations”, the bank said in a statement
- The US Department of Justice (DOJ) has also concluded its review, without taking any action, and with this the US matters relating to the historical anti-money laundering measures have been concluded, SEB said in a statement
- SEB’s cost will be recognised in the fourth-quarter operating expenses, and is expected to have a limited financial impact
- The full-year cost target remains unchanged, it added
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