Lithuania's Swedbank ceases transfers to 61 high-risk countries

By bne IntelliNews August 10, 2023

Lithuania's Swedbank announced it is halting transfers to 61 high-risk countries as of September, BNS, a Baltic newswire, reported on August 10.

The goal is to reduce the risk of transfers to foreign countries, it explained.

The countries will include Afghanistan, Aruba, Guinea-Bissau, Brunei, Burkina Faso, the Central African Republic, the Virgin Islands, Djibouti, Eritrea, Fiji, the Gambia, Guinea, Haiti,  Iraq, Iran, Mauritania, Myanmar, Niger, South Sudan, Syria, Somalia, North Korea, Vanuatu, Venezuela and others.

"Our data shows that Swedbank customers have made very few international transfers to these countries (only a few per year)," the bank says.

If customers still need to make international transfers to any of these countries after September 1, the bank says they should look for other transfer options, BNS said.

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