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Another major Swedish bank was reportedly used for money laundering, with the country’s state broadcaster alleging it can trace the flow of cash back to a case surrounding the death of a prominent Russian lawyer.

SEB AB, one of Sweden’s three top banks, is suspected of money laundering in the Baltic region, broadcaster SVT reported on Wednesday.

SVT alleges that 475 million kronor ($50 million) that flowed through SEB can be linked to companies involved in Russian tax fraud that Sergei Magnitsky died trying to investigate. Magnitsky was the lawyer of Hermitage Capital Management co-founder Bill Browder, who has made it his mission to chase down those tied to the case.

SEB is the latest Nordic bank to be tainted by allegations that it handled dirty money from Russia via its Baltic operations. The broader case has already dragged down Danske Bank A/S and Swedbank AB. Both those lenders are now being investigated in the U.S. and shareholders are bracing for fines. SEB, which is the biggest bank in the Baltics after Swedbank, says it has terminated relations with customers it found to be suspicious.

Allegations of money laundering have proven ruinous for some of the biggest Nordic banks. Danske’s share price is down about 30% this year, after plunging by almost 50% in 2018. Swedbank has lost almost 40% of its market value this year. Both firms fired their chief executive officers and have committed to cooperating with the relevant authorities as investigations drag on.

SEB has so far maintained that it hasn’t found any evidence of “systematic” laundering. Late on Tuesday, it sought to address any concerns about its role by providing the first glimpse of how much potentially suspicious money gushed through its Baltic business.

The Numbers:

About 84.6 billion euros ($93 billion) in non-resident Estonian customer flows went through the bank between 2005 and 2018, it said. Of that, only 25.8 billion euros was deemed “low transparency.” The amounts fell throughout the period, with low-transparency flows reaching zero in recent years, SEB said.

“Still, at any given time, all banks are subjected to the risks that financial crime entail,” Johan Torgeby, SEB’s chief executive officer, said in the statement.

SEB said:

“From 2006 and onwards, SEB has been working in a structured and determined way, in order to reduce the risk of being exploited in money laundering activities in the Baltic countries. After receiving criticism from the Estonian financial supervisory authority and information from another external source in 2006, the bank took several active decisions in order to reduce risk exposure related to money laundering. A large number of customer relations were ended. As new information has emerged, SEB has continuously ended customer relations and has been reporting suspicious activities to relevant financial police.”

SVT said it identified 130 customers in SEB’s Baltic and Swedish operations that can be identified as high-risk.

SVT cooperated with news agency TT and a group of journalists from Finland’s Yle and the OCCRP network (the Organized Crime and Corruption Reporting Project) in investigating SEB’s Baltic business between 2005 and 2017. OCCRP contributed with “a large leak” regarding Lithuanian lender Ukio and its transactions. SVT also had access to “secret documents” regarding SEB, from “within the banking system,” it said.

To contact the reporters on this story: Veronica Ek in Stockholm at vek@bloomberg.net;Niklas Magnusson in Stockholm at nmagnusson1@bloomberg.net

To contact the editor responsible for this story: Tasneem Hanfi Brögger at tbrogger@bloomberg.net

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