Sweden's SEB to Pay $33 Million After New York Financial Services Department Probe
By Andrea Figueras
Skandinaviska Enskilda Banken said it reached an agreement with the New York State Department of Financial Services to settle an investigation into its anti-money laundering and transaction monitoring processes.
The Swedish bank said Thursday that it will pay a $33 million penalty, the cost of which will be recognized in its fourth-quarter operating expenses and should have a limited financial impact. The company's full-year cost target remains unchanged.
The department investigated SEB and said that its customer due diligence processes were inadequate and that it had failed to implement strategies to mitigate heightened money laundering risk associated with high-risk clients. It also said its probe had found that the bank's transaction monitoring program in its Baltic subsidiaries in Estonia, Latvia, and Lithuania was deficient in detecting and blocking suspicious activity.
The company said it is implementing measures to strengthen its financial crime prevention, including new policies, better detection capabilities, enhanced employee training, and deeper cooperation with authorities and industry peers.
The bank noted that the U.S. Justice Department also concluded a review without taking any action. "With this, the U.S. matters relating to the bank's historical anti-money laundering measures have been concluded," SEB said.
Write to Andrea Figueras at andrea.figueras@wsj.com
(END) Dow Jones Newswires
October 15, 2026 10:55 ET (14:55 GMT)
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