NYDFS - NY Department of Financial Services

SEB Fined $33M by NY for AML Failures Post-Panama Papers Skandinaviska Enskilda Banken AB (SEB) has been fined $33 million by the New York State Department of Financial Services for inadequate anti-money laundering controls and transaction monitoring failures. The penalty follows an investigation linked to the 2016 Panama Papers leak, revealing significant gaps in SEB's compliance with New York Banking Law. The investigation uncovered deficiencies in SEB's customer due diligence, correspondent banking relationships, and transaction monitoring, particularly in its Baltic subsidiaries. These failures exposed the New York market to heightened money laundering risks, prompting the regulatory action.