Swedish financial watchdog slapped a four billion kronor fine ($385 million) on banking giant Swedbank for failing to properly fight money laundering.
"Swedbank AB has had serious deficiencies in its management of the risk of money laundering in its Baltic operations," Finansinspektionen (FI) said in a statement.
As a result,
Swedbank was given a warning and a fine of four billion Swedish kronor (361 million euros).
The decision came after parallel investigations by Swedish and Estonian financial authorities.
"Despite several internal and external reports warning about deficiencies in the Baltic subsidiaries and the risk of money laundering, the bank did not take proper and sufficient action," FI said.
A separate criminal investigation in Estonia would now determine "whether money laundering or other criminal acts have taken place".
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