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Lithuanian central bank warns Swedbank on money-laundering prevention


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Lithuanian central bank warns Swedbank on money-laundering prevention

The Lithuanian central bank cautioned Swedbank AB (publ) about deficiencies in its internal control system pertaining to its money-laundering prevention processes and documentation.

The warning comes as a result of Lietuvos bankas launching an inspection in autumn 2017 regarding the bank's anti-money laundering and counter-terrorist financing activities for the period between January 2016 and March 2017.

Swedbank said it is "obliged to remedy identified deficiencies" and that it is taking steps and resources to comply with the central bank, which gave it until May 1 to address the violations identified. The deficiencies pointed out by the central bank have already been partly corrected, the lender said.

The central bank said it found no other violations or deficiencies in other areas. A warning is the lowest possible sanction that the central bank issues.