The decision was taken after a critical report identified deficient that AML detection, control, and customer validation systems as being the key factors that contributed to the Swedish bank’s systematic failure to prevent money laundering-related transactions in its Baltic subsidiaries. It found that EUR 36.7 billion in transactions, all carrying a high risk for money laundering, were processed through the bank’s branch network in Estonia, Latvia, and Lithuania between 2014 and 2019.
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