Swedbank Says U.S. DOJ Closes Investigation Into Bank Without Enforcement

Swedbank AB announced on 2026-01-14 that the U.S. Department of Justice (DOJ) has closed its investigation into the bank without taking any enforcement action.

The probe, initiated in 2019, focused on the bank's historical anti-money laundering practices. Swedbank's leadership expressed relief at the conclusion of the investigation, marking the end of another regulatory review.

Despite the DOJ's decision, an investigation by the New York Department of Financial Services (DFS) remains ongoing. The bank stated it cannot currently assess the potential financial impact or timeline for this DFS investigation.

Why Did This Happen?

The DOJ investigation was part of a broader regulatory scrutiny into Swedbank's past handling of anti-money laundering controls. Swedbank was previously fined 4 billion Swedish kronor ($435 million) in 2020 for breaching anti-money laundering rules. The ongoing DFS probe suggests that some regulatory concerns remain unresolved.

There has been no immediate significant market reaction to the DOJ announcement, with Swedbank's shares remaining stable.

The resolution of the DOJ matter may provide some investor clarity as the bank continues to manage the remaining DFS probe.

How Did Markets React?

There has been no immediate significant market reaction to the DOJ announcement, with Swedbank's shares remaining stable.

The resolution of the DOJ matter may provide some investor clarity as the bank continues to manage the remaining DFS probe.

What Are Analysts Watching Next?

Analysts are monitoring whether the DFS investigation will result in penalties or additional regulatory actions.

Swedbank has already faced consequences for its role in the $230 billion Estonian money-laundering affair spanning 2007–2015. This historical scandal involved suspicions that the bank had processed suspicious funds from the former Soviet Union.

The closure of the DOJ investigation brings Swedbank closer to concluding its long period of regulatory challenges.

Tomas Hedberg, Swedbank's Head of Special Task Force and Deputy CEO, stated the bank is "placing another investigation of historical shortcomings behind us".

Swedbank faces continued scrutiny as it navigates ongoing investigations and the aftermath of its past missteps in compliance.

The bank has taken steps to strengthen its compliance framework since the initial revelations of its AML weaknesses.

Investors and analysts will be watching for further updates on the DFS probe and any future actions that may affect the bank's financial standing.

The broader Nordic banking sector has also faced regulatory issues due to its role in the Baltic money laundering scandal.

Swedbank remains one of Sweden's largest banks by market capitalization and continues to serve millions of customers in its home markets and beyond.