Swedish Banker Faces Jail Time over AML Charges

The former chief executive of Swedbank has been charged with fraud, market manipulation and the unauthorised disclosure of inside information, after an investigation into a large-scale money laundering scandal in the Baltics.

Birgitte Bonnesen, who was sacked as chief executive two years ago when the scandal came to light, “repeatedly spread misleading information” that the bank did not have any issues with its anti-money laundering (AML) processes in Estonia, according to Sweden’s Economic Crime Authority.

Thomas Langrot, the chief prosecutor and head of the investigation, said Bonnesen either intentionally or through gross negligence disseminated misleading information about the state of the bank’s anti-money laundering measures.

This was despite Bonnesen having access to unpublished information about “extensive and serious shortcomings” about the system and information about “extensive suspicious transactions/customers”.

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