The FSA mentioned that the violations, which happened between July 2022 and January 2024, were, in fact, not intentional, and no damage had resulted from them. In its statement, the regulator underlined that the bank has not complied with rules on how organisations that conduct security-sensitive activities should investigate the need for safety protection and what such analysis should contain.
Swedbank’s view on the matter and its security processes
In a separate declaration, Swedbank highlighted that the failings had been resolved more than one year ago. The financial institution provides loans, payments, and savings to optimise everyday life for both individuals and companies. According to its website, Swedbank focuses its efforts on preventing money laundering and terrorist financing, dynamically assessing transactions, relationships, and activity from a standpoint of ethical norms and positions. Among its priorities, the bank underlines the detection and reporting of suspected financial crime activities, establishing an Economic Crime Prevention (ECP) unit to solidify the fight against such events.
Furthermore, Swedbank collaborates with several public and private actors to track and understand threats to the financial sector, with its security response team working with others in the sector, besides police authorities. From an internal processes standpoint, the bank created a set of rules, procedures, and support functions to ensure that it complies with applicable laws and regulations in the area.
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August 2024, Swedbank AB announced its investment in a new position in shares in Global Payments, valued at around USD 4.58 million. According to its disclosure with the Securities and Exchange Commission, the fund acquired 34.234 shares of the business solution provider’s stock, valued at approximately USD 4.576 million.
