Swedish Bank Swedbank has notified the office of foreign assets control of the U.S. Treasury Department about the transaction at $ 4.8 million in favor of the payee in the Crimea.
Wednesday, Swedbank AB reported that he had notified the Office of foreign assets control (OFAC) of the U.S. Treasury Department about possible violations of sanctions with respect to transactions in the amount of $ 4.8 million after an internal investigation. An independent report on the violation of sanctions will help Swedbank reduce the amount of the fine from OFAC, reports The Wall Street Journal the words of the Vice President for economic crimes and compliance LexisNexis Daniel Wager.
Law firm Clifford Chance conducts an audit at Swedbank February 2019. The study includes information about customers, transactions and activities from 2007 to 2019 and how the Bank processed internal and external disclosure. Lawyers also learn how Swedbank has historically responded to identified deficiencies in combating money laundering and sanctions.
Clifford Chance checked all transactions are denominated in U.S. dollars, from the three Baltic branches of the Stockholm creditor in Estonia, Latvia and Lithuania, which were…
