SWDBY - Swedbank suspected of money laundering in Estonia; sees up to $18M fine

Estonian authorities on Thursday told Swedbank (OTCPK:SWDBY) (OTCPK:SWDBF) that the Swedish lender's local subsidiary has been suspected of money laundering in the Baltic country from 2014-2016. “The criminal investigation originates from the work of the Estonian Financial Supervisory Authority,” the Stockholm-based bank said in a statement.  In turn, “Swedbank AS will review and analyze the suspicion in detail and continue the cooperation with the authority to resolve the historical matter,” Swedbank said, adding that the maximum fine for the suspected crime is EUR 16M ($18M). See why SA contributor Tudor Invest Holdings views Swedbank stock as a Buy following solid full-year results.

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Swedbank suspected of money laundering in Estonia; sees up to $18M fine