SEB bank makes statement on Baltic money laundering report

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Sweden's SEB bank issued a statement November 15 ahead of what may be fresh revelations about money-laundering at banks in the Baltic states.

"SEB has been contacted by Sveriges Televisions program Uppdrag granskning, who claims it will report on suspected money laundering in the Baltics in an upcoming TV program.They claim that they have information that  includes SEB," said a statement issued by the bank in Stockholm.

"SEB will evaluate any information that might be shown in the TV program and will compare that with SEB’s own analyses and previously handled cases. SEB has received questions from Sveriges Television, but has no further knowledge of the content of the program. In order to be transparent, SEB chooses to disclose this information to the market," the bank said.

"If new information emerges that has previously not been known to SEB, SEB will take action immediately. As a bank, SEB has an obligation to detect and report suspicious money laundering. Suspicious activities are always reported, and may lead to terminated customer relations," it added.

"SEB continuously conducts analyses of its business both in the Baltics, as well as other markets where SEB conducts its business, with the aim to understand and assess the risks of being used for criminal activity."

"For a long time, SEB has worked hard to ensure that it has adequate routines and processes to prevent money laundering. However, just like any other bank, SEB cannot guarantee that it has not been used, nor that SEB will not be used. New challenges and risks constantly emerge. The development of SEB’s preventive work against money laundering therefore cannot and will not stop," it concluded.

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