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SEB has become the latest inclusion on a list of European lenders that have or will incur substantial penalties for not having taken appropriate measures to mitigate substantial money-laundering risks in their Baltic subsidiaries. After an 18-month investigation, Sweden's financial supervisor Finansinspektionen confirmed Thursday that the country's second-largest bank, Skandinaviska Enskilda Banken, more commonly called SEB, must pay a €95 million penalty after processing huge volumes of suspicious funds from Russia and other former Soviet states without proper scrutiny from 2015 to 2019. Higher fines should help deter European banks from neglecting their anti-money laundering compliance obligations, Emma Radmore, a...