Swedish bank: The U.S. Securities and Exchange Commission has concluded a six-year investigation without taking any enforcement action.

The Swedish bank said that the U.S. Securities and Exchange Commission has concluded its investigation into the bank and has taken no enforcement action. This investigation was one of three conducted by the U.S. regarding potential money laundering violations by the bank, and it has now officially ended. The Deputy CEO of the Swedish bank, Thomas Hedberg, stated on Saturday, "We have closed another investigation into historical issues." The SEC's investigation began in 2019 and focused on compliance gaps in anti-money laundering and counter-terrorism financing at the Swedish bank, as well as inadequate disclosure by its branches in the Baltic region. As the second largest bank in Sweden by market value, the Swedish bank is still under investigation by the U.S. Department of Justice and the New York Department of Financial Services. The bank stated on Sunday that it is currently unable to assess the financial impact of these two investigations and cannot determine when they will be concluded. In 2020, the Swedish bank, headquartered in Stockholm, was fined 4 billion Swedish kronor by Swedish authorities for violating anti-money laundering regulations. While the SEC's decision has reduced some legal risks for the bank, the remaining two U.S. investigations could still pressure the bank with potential penalties. Analyst Philip Richards wrote in a report earlier this year, "They could likely face monetary penalties, amounting to around $386 million, which is comparable to the fine paid to Swedish authorities in 2020. However, if the penalty structure is similar to that of Danske Bank in 2022, we cannot rule out the possibility of fines approaching $1 billion."