The chief executive of Swedbank said he hoped the earliest lender in Sweden was at the beginning of the termination of its damaging money-laundering scandal while he outlined a big hairy objective to be a frontrunner in fighting financial criminal activity.

Jens Henriksson told the Financial Times that after accurate documentation fine in Sweden for bad settings, the lender had been today waiting to know whether US regulators would discipline it also.

A damning report from law practice Clifford potential published in March showed that Swedbank carried out 37bn of transactions with increased danger for cash laundering between 2014 and 2019. Commissioned by Swedbank, the report disclosed that lender had earnestly targeted risky individuals in Baltic area.

a year ago the Financial Times reported that the New York state dept. of Financial providers was examining seven separate things involving Swedbank, especially its connections with other money-laundering scandals including a high-profile 200bn dirty cash instance at Danske Bank, Denmarks biggest lender. In March Swedbank told United States authorities it had discovered $4.8m of deals which could have damaged United States sanctions, usually a trigger for significant fines.

Our company is perhaps not at the conclusion, but our company is ideally at the beginning of the conclusion, said Mr Henriksson, drafted in as chief executive last October by former Swedish prime minister Goran Persson, which now chairs Swedbank.

The finance companies new chief executive was blunt about Swedbanks historic failings.

Swedbank let suspected money launderers use it. We have to be better. We werent good enough, he stated. It was among the worst bits of company previously, he added, given that SKr1bn ($101m) in profits the financial institution made of its non-resident company into the Baltics had been dwarfed by a SKr4bn fine and SKr2.7bn allocated to investigations. The obvious session is: be compliant, he stated.

Swedbank ousted both its chief executive and chairman this past year as its shares fell by over a third due to the scandal. However, people remain most focused on US regulators, who have the ability to impose multibillion-dollar fines when they look for wrongdoing.

Asked how long it could just take for people authorities, Mr Henriksson responded: The timeline is to them. In theory, its effortless the method that you deal with authorities they decide. You act as as open and clear within transactions.

Having commissioned the 218-page report by Clifford potential, the financial institution was today trying to proceed, the 53-year-old CEO insisted.

Lets look forward at 2025, he said. We have a comprehensive want to shut the gaps [in anti-money laundering controls] by year-end. After that looking ahead: allows be industry frontrunner in anti-money laundering.

He labeled as it a large hairy objective the bank having because closes up the record.

The coronavirus pandemic was making enhancing some conformity problems challenging, according to Mr Henriksson. Swedbank is working on 217 different initiatives to boost being able to combat economic criminal activity and 12-15 of them tend to be red, indicating they're not going to be done in the present one-fourth.

we shall never be able to end all money laundering. The criminals are too wise. Just how do we resolve this for the future? asked Swedbanks chief executive, just who previously headed the insurer Folksam, among the banking institutions biggest shareholders.

By everyone when you look at the bank chatting and contemplating this. This is something that should be using lender forever. It ought to be section of our DNA, battling against money laundering, he said.