Swedbank’s Ex-CEO Bonnesen Sentenced to 15 Months for Misleading AML Statements

Former Swedbank CEO “Birgitte Bonnesen” faces 15 months imprisonment for “ money related fraud” in Estonia. The Swedish appeals court declared the charges regarding mismanagement of anti-money laundering (AML) protocols.

Misleading Statements Led to Conviction

According to the court, Bonnesen made statements that provided a “misleading message”  to Swedish Media in her two interviews in October 2018 related to money laundering status at the Estonia branch of the bank, which led to her verdict.

One Conviction, Six Acquittals

The Svea Court of Appeal stated, “The Court of Appeal convicts the former managing director of gross fraud.”

The court further claimed, “Bonnesen was convicted of a single count in the indictment and acquitted of six other charges of gross fraud and market manipulation.”

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She was the CEO of Swedbank from 2016 to 2019, during the money laundering scandal connected to the bank’s Baltic operations.  She had rejected all the allegations, and in 2023, a district court declared her free of all charges.

The decision made on 10 September 2024 has reversed the “verdict” of the lower court.

According to the Swedish News agency TT report, Bonnesen’s lawyer, “Per Samuelsson,” stated that her client plans to appeal the new ruling.

Why was Bonnesen convicted?

Bonnesen had been charged by investigators with providing “misleading information” purposely or unintentionally to

• Stakeholders
• Public

The information was related to the bank’s efforts to

• Prevent money laundering
• Detect money laundering
• Report suspicious activities of money laundering in Estonia

The appeals court stated, “The court concludes that the former CEO disseminated misleading statements in interviews with the Swedish newspaper Svenska Dagbladet and the Swedish news agency TT in connection to the bank’s release of its third quarterly report for 2018”.

According to coverage by a prominent financial news source, the court further added, “The information was likely to influence the assessment of the Swedish bank in financial terms and thereby cause damage.”