New York State Department of Financial Services Secures $33 Million Penalty with Skandinaviska Enskilda Banken AB for Inadequate Anti-Money Laundering Controls and Transaction Monitoring Compliance Failures
New York State Dept of Financial Services
New York State Department of Financial Services (DFS) Acting Superintendent Kaitlin Asrow announced today that Skandinaviska Enskilda Banken AB and its New York Branch (together, SEB, or the Bank) have agreed to pay a $33 million penalty as part of a Consent Order to resolve the Department’s investigation into SEB’s compliance with New York Banking Law and anti-money laundering program failures.
“Financial institutions must adhere to New York’s rigorous laws and regulations to safeguard the integrity of the financial system,” said Acting Superintendent Kaitlin Asrow. “The Department will hold entities accountable that fail to meet those standards.”
