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Swedbank: Swedbank enters agreement with Latvian authorities

23 November, 2016

Lately Latvia has taken important steps in combatting money laundering
by the actions of the Financial and Capital Market Commission (the
Commission) to increase standards for control. Following a recent
audit by the Latvian Commission, Swedbank has committed to
implementing a series of further actions in order to mitigate
identified deficiencies.

During spring of 2016, the Commission carried out an inspection
related to the effectiveness of Swedbank's internal control systems
for the prevention of money laundering in Latvia.

The findings include deficiencies in internal control systems,
processes and documentation. Based on the audit results the
Commission and Swedbank Latvia have entered into an administrative
agreement. The agreement includes a fine of EUR 1.36 million and a
series of mitigating actions.

- Swedbank takes the findings in the Commission's audit very
seriously. Swedbank is committed to actively working towards further
improvement of our internal control system and elimination of any
shortcomings and has cooperated fully with the Latvian authorities,
says Priit Perens, Head of Baltic Banking, Swedbank.

The Bank is currently implementing a series of measures aimed at
improving its internal control systems including specific areas
identified by the Commission that are part of the administrative

For more information
Gabriel Francke Rodau, Head of Group Communication, Swedbank, cell:
+46 701 44 89 66

Swedbank AB (publ) is required to disclose this information pursuant
to Regulation (EU) No 596/2014 on market abuse, the Swedish Financial
Instruments Trading Act (1991:980) and the regulatory framework of
Nasdaq Stockholm). This information was sent to be published on 23
November 2016 at 07.20 CET.

Swedbank promotes a sound and sustainable financial situation for the
many people, households and companies. Our vision is to contribute to
development "Beyond Financial Growth". As a leading bank in the home
markets of Sweden, Estonia, Latvia and Lithuania, Swedbank offers a
wide range of financial services and products. Swedbank has over 7
million retail customers and around 640 000 corporate customers and
organisations with 266 branches in Sweden and 143 branches in the
Baltic countries. The group is also present in other Nordic
countries, the US and China. As of 30 September 2016 the group had
total assets of SEK 2 394 billion.


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