Bank of Lithuania
2019-02-20
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In light of the recent news on Swedbank, AB, the Bank of Lithuania has issued its comment on the matter.

Vytautas Valvonis, Director of the Supervision Service at the Bank of Lithuania: The Bank of Lithuania holds no information on Swedbank engaging in money laundering transactions. The same was confirmed by the Estonian and Swedish supervisory authorities.

Approximately a year ago, the Bank of Lithuania conducted an inspection of Swedbank, AB (Lithuania) to evaluate, among other things, its compliance with the legal acts regulating the prevention of money laundering and terrorist financing. The findings of the inspection include certain procedural discrepancies, thus the Bank of Lithuania issued a warning to Swedbank and obliged it to remedy the identified deficiencies. Swedbank has fulfilled this obligation within the specified timeframe.

We are following the situation very closely and will assess it in cooperation with the authorities and law enforcement institutions of other countries. We will take appropriate measures, if necessary.

Swedbank customers have no reason for concern. We do not anticipate any impact on the country’s banking system.