https://www.ft.com/content/8b31dde0-121f-11e8-940e-08320fc2a277
Swedbank has pledged to do more to prevent money laundering and terrorist financing after receiving a formal warning from the central bank of Lithuania.
The Swedish group is Lithuania’s second-largest bank by assets and largest by deposits. An inspection carried out last autumn found “deficiencies in [its] internal control systems”, the Swedish bank said on Thursday.
The Bank of Lithuania said it had ordered Swedbank to eliminate “all violations and deficiencies” by May 1.
Swedbank said it had already “partly” corrected some of the problems, and Charlotte Elsnitz, the group’s head of Baltic banking, said “we are allocating significant efforts and resources” to ensure compliance with the rules.