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2019.11.28 14:00

‘High-risk customers’ moved €8bn through SEB Estonia

BNS 2019.11.28 14:00

High risk clients transferred eight billion euros through the Estonian branch of SEB bank, according to the Swedish public broadcaster SVT.

“High-risk customers in the [non-resident] category have transferred around 8 billion euros between 2008 and 2016 through the bank,” according to SVT.

Sweden-based SEB Group argued in a press release on Wednesday that it had improved its ability to find wrongdoing and terminate customer relations.

“The names on the list from Sveriges Television are covered, in all material respects, by the bank’s own analysis where approximately 95 percent of the customer relations are terminated,” the bank said.

The bank explained in the press release that “SEB’s ability to prevent, detect and report suspected financial crime has strengthened over time".

“SEB is doing its utmost to prevent that the bank is exploited for financial crime. Nevertheless, SEB cannot guarantee that the bank has not been or will not be exploited.”

The piece originally appeared on BNN.

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