World News

Estonian financial watchdog head says Swedbank accepts decision

TALLINN (Reuters) – Swedbank <SWEDa.ST> has accepted the decision the Estonian financial watchdog made on Thursday, the head of the watchdog said after an investigation found serious deficiencies in the bank’s management of money laundering risks in its Baltic operations.

“The bank has let us know that they have learned their lesson and will obey the decision,” Kilvar Kessler, the head of Estonia’s financial watchdog, the Finantsinspektsioon, told a news conference.

The Estonian authority made a lengthy list of recommendations on how the Swedish bank had to improve over coming months.

(Reporting by Tarmo Virki; Editing by Catherine Evans)