The New York branch of a Swedish bank will pay a $2.5 million fine as part of a consent order with the Federal Reserve Board and the New York State Banking Department.

Skandinaviska Enskilda Banken deferred income from internal company transactions and filed inaccurate regulatory reports in 1993 and 1994, the consent order said.

"The transactions that were made in 1991-1994 were made against both regulations and the bank's own rules," Jacob Wallenberg, the bank's managing director and group chief executive, said in a written statement.

As part of the consent order, the bank will review its management structure, develop written audit and compliance programs, and hire an independent accountant to review its procedures.

A spokesman for the New York branch of the Stockholm-based bank said no losses were incurred because of the transactions and no customer accounts were involved.

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