US investigation prompts Swedbank to make $3.7 million provision

Swedbank will book a provision of 40 million Swedish crowns ($3.72 million) related to an investigation by the U.S. Office for Foreign Assets Control (OFAC) over the bank’s “historical shortcomings”, the bank said on Friday.

The U.S. Treasury’s OFAC is investigating “transactions that the bank has notified the authority about”, Swedbank said in a statement.

“We can now assess the financial impact. The dialogue with OFAC is good. But we cannot say when it will be concluded,” said Tomas Hedberg, Swedbank’s deputy CEO.

Source : US investigation prompts Swedbank to make $3.7 million provision