the Swedish financial supervisory authority has provided over the so-called Grimstadrapporten to the ECB. Anything the inspection confirms on DN's request.
the Report is a review of suspect transactions and accounts in Swedbank's Estonian operations during the several years. It is central to all the investigations now under way on the suspected money laundering.
the ECB has no powers to themselves to go check to see if there have been money laundering. For example, it can't go in and examine the individual accounts and transactions. This is a work which other authorities must do.
once the authorities that have the mandate to look after money laundering has made its, examine how a bank complies with the regulatory framework or if there are deficiencies.
Swedbank as a group do not fall under the ECB's direct supervision, but the subsidiary in Estonia since the country belongs to the euro area. In addition, the subsidiary is a dominant bank in Estonia and thus is considered to be of systemic importance.
in economics and international economics, is not surprised that the ECB is waking up to tangle in Swedbank.
" I think the ECB is very interested in this penningtvättsfrågan. It is like a litmus test for how well the bank is run, if the bank's management has control over what is happening in the bank, " he says.
– Has the bank's management known to the ills arises a question about their expertise generally speaking in how to manage the bank, " he adds.
to take an interest in, according to an informed source, is how well the kundkännedomen of Swedbank's Estonian subsidiary operates. To know the customer and his needs of the bank's services are the first line of defense a bank has against money-laundering. Banks have an absolute obligation to obtain customer due diligence.
Carl B Hamilton is also a former mp who has long worked with the issues of the EU and the european banking union. He points out that the ECB has considerable powers.
" One should not dramatize it all, but in the end, the ECB has certainly the opportunity to ask the bank to switch out different people. And then reads a wise banking management, " says Hamilton.
the ECB also has the option to require a bank to take in more capital.
– They can also say to the bank that ”you have to gather in the barns here, because it can get the requirements here for various reasons and then you need to be able to handle it”.
likely to examine how risks have been assessed and managed in the bank.
Because the Grimstadrapporten contains a series of recommendations to Swedbank, it can be assumed that these are of particular interest for the ECB. The recommendations can give a hint on where any weaknesses have been the greatest.
give the bank a period of a few months to correct the errors that may exist.
last year the drug, the ECB lessons of the scandals when it was revealed, in particular, of the around the money laundering of up to 2,000 billion that has been made by Danske Bank's baltic operations.
Andrea Enria, chairman of the board of regulators of the ECB, recently stated that the ECB has strengthened its capacity to check that banks have the right tools and organization to combat money laundering. The ECB has also reached an agreement with the national regulatory authorities to facilitate the exchange of information.
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