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Swedbank Auditors Analyzing ’30 Billion Transactions’ for Signs of Illicit Finance

By Koos Couvée

Attorneys and accountants investigating suspected attempts to launder funds through Swedbank are reviewing "30 billion transactions" in an internal probe that has cost more than $100 million to date, the lender disclosed Wednesday. Swedbank CEO Jens Henriksson, who took up the post on Oct. 1, told analysts and investors in an earnings call that the lender, which is already under scrutiny in Estonia, Latvia, the U.S. and Sweden for handling billions of euros for high-risk, non-resident clients over the past decade, faces the prospect of yet another investigation, this time by the European Central Bank. "The first [priority] is to...

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