OREANDA-NEWS  Swedish bank SEB will pay a $33 million fine to the New York Department of Financial Services due to insufficient control over money laundering in the Baltic States, the financial organization said in a statement.

"The department conducted an investigation into SEB and stated that its customer due diligence processes were inadequate... The investigation showed that the bank's transaction monitoring program at its Baltic branches in Estonia, Latvia and Lithuania was insufficient to identify and block suspicious activity," the department's conclusions are given in the bank's message.

The bank said it is taking measures to strengthen its financial crime prevention system, including improved detection capabilities, expanded employee training, and closer cooperation with authorities and industry colleagues.