Skandinaviska Seb Publishes Historical Transactional Data For The Baltics
Stockholm 26 November 2019
SEB publishes historical transactional data for the Baltics
Since 2006, SEB has taken considerable measures in order to minimize the
risk of being exploited for money laundering in the Baltics. This is
shown in the historical transactional data for Estonia 2005--2018, which
SEB publishes today. The text below is related to the enclosed graph,
which provides further details on the aforementioned transactional
-- We want to continue being transparent and have now presented our
historical data for the Baltic region in more detail. We have been
perceptive to signals of foul play and taken action, when needed. In the
comprehensive analysis that we have made of our business in the Baltics,
we have not seen that SEB has been used for money laundering in a
systematic way. Still, at any given time, all banks are subjected to the
risks that financial crime entail, says Johan Torgeby, President and
From 2006 and onwards, SEB has been working in a structured and
determined way, in order to reduce the risk of being exploited in money
laundering activities in the Baltic countries. After receiving criticism
from the Estonian financial supervisory authority and information from
another external source in 2006, the bank took several active decisions
in order to reduce risk exposure related to money laundering. A large
number of customer relations were ended. As new information has emerged,
SEB has continuously ended customer relations and has been reporting
suspicious activities to relevant financial police.
SEB has conducted a thorough analysis of each individual customer
relationship and categorized these based on the bank's knowledge of
their operations and payment flows, with an increased focus on Estonia,
since that is where a majority of the transactions took place.
The category "low-transparency-customers" consists of customers whose
historical payment flows to a large part do not meet today's standards
regarding transparency or linkage to authentic business activity.
Approximately 95 percent of these historical low-transparency-flows stem
from Estonia. These types of flows have declined early on in the period
analysed and have, thereby, made up a small and diminishing part of the
total payment flows from non-resident customers. These flows can not be
equated to confirmed money laundering activities, but there is rather an
increased risk for money laundering here.
SEB's comprehensive review covers the bank's customers, processes, risk
culture, systems and transaction volumes during the period 2008-2018 and
the bank's statements are based on these reviews. The review is part of
the basis for the investigation conducted by Sweden's financial
supervisory authority in collaboration with its Baltic counterparts. In
the attached graph, the internal analysis for the years 2008-2018, has
been supplemented with data from 2005-2007.
SEB wants to give everyone who follows the bank equal, accurate and
transparent information. If new relevant information that SEB has not
been aware of before emerges, the bank will take action.
For further information, please
Frank Hojem, Head of Corporate
+46 70 763 99 47
This is information that Skandinaviska Enskilda Banken AB (publ.)
is obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication, through the
agency of the contact persons set out above, at 17.30 CET,
on 26 November 2019.
SEB is a leading Nordic financial services group with a strong
belief that entrepreneurial minds and innovative companies
are key in creating a better world. SEB takes a long-term perspective
and supports its customers in good times and bad. In Sweden
and the Baltic countries, SEB offers financial advice and a
wide range of financial services. In Denmark, Finland, Norway,
Germany and UK the bank's operations have a strong focus on
corporate and investment banking based on a full-service offering
to corporate and institutional clients. The international nature
of SEB's business is reflected in its presence in some 20 countries
worldwide. At 30 September 2019, the Group's total assets amounted
to SEK 3,046bn while its assets under management totalled SEK
1,943bn. The Group has around 15,000 employees. Read more about
SEB at http://www.sebgroup.com http://www.sebgroup.com.
-- 191126 Historical non-resident flows in Estonia
(END) Dow Jones Newswires
November 26, 2019 11:45 ET (16:45 GMT)
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