Skandinaviska Seb Publishes Historical Transactional Data For The Baltics

Date : 11/26/2019 @ 5:00PM
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Skandinaviska Seb Publishes Historical Transactional Data For The Baltics

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TIDMSEBA 
 
 
 
 
Press release 
 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 
flows. 
 
   -- 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 
CEO. 
 
   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 
 contact 
 Frank Hojem, Head of Corporate 
 Communication 
 +46 70 763 99 47 
 frank.hojem@seb.se 
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. 
------------------------------------------------------------------------ 
 
 
 
   Attachment 
 
 
   -- 191126 Historical non-resident flows in Estonia 
      https://ml-eu.globenewswire.com/Resource/Download/8e4e57f3-4b50-4b3f-aac0-ed0cc108391b 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

November 26, 2019 11:45 ET (16:45 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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