Swedbank's Baltic branches actively sought high-risk clients, report says

2:35 min

Management at Swedbank ignored warnings over alleged money laundering at the bank as it actively sought the business of high-risk clients.

A report, published on Monday by a UK law firm, found serious deficiencies in the institution's anti-money laundering work. It said the bank's Estonia branch went after foreign high-risk customers and took them on even after they had been rejected by another bank in Estonia.

Swedbank's CEO Jen Henriksson, hired after the previous CEO was fired over the scandal, said steps were being taken to shore up the bank's work against money laundering.

Listen to the report to hear the whole story.