Experts, ratings firms call out bank’s response to news report linking Swedish lender Swedbank to a dirty-money scandal in Estonia
A view of the Swedbank offices in Tallinn, Estonia. Photo: ints kalnins/Reuters By Kristin Broughton April 3, 2019 12:01 a.m. ET Months before police raided the offices of Swedbank AB, a series of missteps—including some acknowledged by the bank’s ousted chief executive—had raised questions among independent compliance experts about the bank’s management of a crisis born of concerns over possible money laundering.
Police on March 27 raided the bank’s headquarters in Stockholm. Local prosecutors said they were investigating whether executives informed 15 large shareholders about a damaging news report before it aired in February. The investigation later expanded into whether the bank had provided misleading information to the public and investors over the past months. The bank’s shares plunged 12% on the day of the raid.
“The situation demonstrates the importance of full transparency in responding to a crisis,” said Julie Myers Wood, chief executive of Guidepost Solutions LLC, a New York compliance consulting firm that also provides independent monitoring and investigations. “They made some attempts, but they didn’t do enough to gain the confidence of the regulators or the public that they were doing a legitimate and thorough review.
The report drew attention to the comments Ms. Bonnesen had made to analysts in October, shortly after the scope of the Danish bank’s money-laundering scandal was revealed. During the October conference call, Ms. Bonnesen had said the suspicious customers flagged by Danske weren’t customers of Swedbank as well.
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