US regulators have launched multiple inquiries into the rapidly expanding money-laundering scandal at Swedbank, demanding more information on the Swedish bank’s conduct amid new allegations that it handled €135bn from high-risk clients.
The New York State Department of Financial Services wrote to Swedbank last month saying it was looking into seven separate matters involving the Swedish bank, according to a copy of the letter seen by the Financial Times.
The letter, dated February 20, stated New York was “currently undertaking several inquiries” related to Swedbank’s relationship to other money-laundering scandals. These involve Danske Bank, Latvia’s ABLV, Cyprus’s FBME and Lithuania’s Ukio, as well as Mossack Fonseca, the law firm at the heart of the Panama Papers.