Eesti Finantsinspektioon (the Estonian FSA) and Finansinspektionen (the Swedish FSA) consider the reports regarding suspected money laundering that yesterday were made public yesterday on Swedish television (SVT) to be very serious. It is extremely important that the banks’ senior management and boards of directors view these matters seriously and take all necessary actions to ensure compliance with laws and regulations.
The supervision of cross-border banks within the EU is the joint responsibility of home and host authorities. Therefore, to ensure effective supervision of the different entities of Swedish banks with operations in Estonia, the Swedish and Estonian FSAs have a well-established, close cooperation to coordinate the supervision of the Estonian subsidiaries as well as the Swedish parent and the group as a whole.
The Estonian and Swedish FSAs have today agreed to initiate a joint investigation with the purpose of closely examining the information reported by SVT. The Latvian FSA and the Bank of Lithuania has also agreed to participate in the investigation with whatever assistance that might be needed by the Swedish and Estonian authorities.
Erik Thedéen (Director General of the Swedish FSA): "The information disclosed by SVT is very serious and together with our Estonian colleagues we will thoroughly investigate the matter to make a comprehensive and in-depth assessment."
Kilvar Kessler (Chairman of the Estonian FSA): "Addressing serious AML risks has been our priority since 2014, and we have performed by decreasing substantially non-resident business, by closing major risks and guiding banks to up their risk control standard. We appreciate close cooperation with Sweden and other countries in addressing this potential legacy case."