© Reuters. The SEB bank sign can be seen on the bank building in Tallinn
By Colm Fulton
STOCKHOLM (Reuters) – According to Swedish Television (SVT), suspicious funds amounting to around 8.2 billion Swedish kronor ($ 919 million) flowed through Swedish bank SEB between 2007 and 2016.
The allegations were based on leaked Suspicious Activity Reports (SARs) filed by banks and other financial firms with the Treasury Department's Financial Crimes Enforcement Network (FinCEN), reported on Sunday by the US and other media outlets.
"The information that (SVTs) Uppdrag Granskning presents in its program does not contain messages for the bank," SEB said in a statement.
SEB was fined 1 billion kroner by the Swedish financial watchdog in June for failure to comply with compliance and regulations related to combating money laundering in the Baltic States.
However, it is unclear whether the transactions reported by SVT are known to the Swedish FSA or were covered in their previous investigation. The FSA told Reuters it was reviewing the SVT report and would comment later.
The Baltic scandal that entangled first Danske Bank (CO 🙂 and leads to a Swedish record fine for Swedbank (ST :), lifted the cap on cash flows from Russian and other non-resident customers to the European Union and elsewhere.
SEB shares rose 1.4% despite the report by 0825 GMT.
"It doesn't add much new. We have already spoken about a relatively large number of suspicious transitions," said Andreas Hakansson, senior analyst at Danske Bank.
Hakansson added that the SVT program included some new details on names related to suspected wrongdoing at SEB.
According to SVT, SEB did business with a British company that was part of the so-called "Russian laundromat," a supposedly large Russia-run money laundering system that was reported by the media in 2017.
The FinCEN leaks reported by the media on Sunday showed that several global banks had moved large sums of allegedly illegal funds over a period of nearly two decades, despite red flags about the origin of the money.
"The transactions mentioned in the leak consisted of activities that banks have identified as suspicious … which is consistent with the banks' behavior," said SEB.
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