SEB to pay $33 million to New York regulator over Baltic AML review

Swedish bank SEB has reached a $33 million settlement with the New York State Department of Financial Services following a review of its anti-money laundering procedures in the Baltic region between 2015 and 2019. The investigation scrutinized SEB's past practices regarding customer due diligence and transaction monitoring in its Baltic operations, according to a statement from the bank.

The U.S. Department of Justice concluded its review without imposing any penalties. With this settlement, SEB's involvement in historical AML issues in the U.S. has been resolved. The bank will record the expense in its fourth-quarter operating results. SEB expects the payment to have a minor financial impact, while its full-year cost goal remains unchanged.