All the flaws of Swedbank (Swedish), Seb (Swedish) and Commerzbank (German) according to the EBA
What emerges from a report by Morning Star Dbrs, a credit rating agency, on Swedish, Danish and German banks such as Swedbank, Seb and Commerzbank
Milano Finanza relaunches a Morning Star Dbrs document which highlights violations of the anti-money laundering legislation by Swedish, Danish and German banks, more precisely Swedbank (Swedish), Seb (Swedish) and Commerzbank (German). Here are all the details
"Some of the investigations leading to heavy sanctions in 2020 include Swedbank (Swedish), Seb (Swedish), and Commerzbank ( German ) on money laundering issues, as well as Swedbank (Swedish), Seb (Swedish), and Commerzbank (German) on various weaknesses in controls and risk management. Investigations by the Swedish and Estonian FSA revealed that Swedbank subsidiaries in the Baltic states had been exposed to a high risk of money laundering: Swedbank received a fine of 4 billion SEK (approximately 400 million euros) in March 2020, and this contributed to a reduction in Swedbank's net profit for the first half of 2020 to 3 billion SEK ", reads the report by Morning Star Dbrs (credit rating agency)
Also in relation to money laundering control problems – continues Mf – Stockholm's Seb bank was also fined for a value of SEK 1 billion in June 2020 by the Swedish FSA, for deficiencies in controls in its Baltic subsidiaries. “Meanwhile, we note that the Danish FSA reported Danske's risk management, internal reporting and controls in June 2020 with two orders relating to Danske's risk practices, and a criminal complaint for market abuse regulation violations. due to inadequate market monitoring and opposing business activities. When it comes to money laundering, we include Abn Amro (Dutch) and Credit Suisse (Switzerland), which investigations began last year. Meanwhile, Danske and Swedbank both remain under investigation by the US authorities ”.
In 2020, sanctions were mainly imposed by European authorities rather than by other jurisdictions such as the United States and, overall, with profitability already under pressure from Covid-19 provisions and falling revenues, the results strongly impacted realities mentioned above, Mf remarks: "The European Banking Authority, which has received more powers to investigate money laundering violations, launched a public consultation last February on a revised set of guidelines on the main risk factors for creating greater convergence of supervisory practices across the Union ”.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/tutte-le-magagne-delle-banche-swedbank-svedese-seb-svedese-e-commerzbank-tedesca/ on Tue, 08 Sep 2020 14:45:12 +0000.