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Swedbank Agrees to $50 Million Penalty After New York Investigation Finds Failures to Fully Disclose Panama Papers Connections
Swedbank and its New York branch have agreed to pay a $50 million penalty to settle an investigation that found the institution failed to provide regulators with critical information about relationships linked to the Panama Papers leak. The inquiry determined that the bank did not carry out adequate due diligence on shell companies associated with customers identified in the leak and repeatedly failed to fully comply with official requests for information concerning its ties
Jul 204 min read
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