DNB Bank is criticised for its feeble efforts to combat money laundering

DNB servicesDNB logo. Photo Norway Today Media

Norway’s largest bank received strong criticism from Norway’s Financial Supervisory Authority (FSA) for its lack of effort to combat money laundering.

 

In a note, Finanstilsynet wrote to DNB on the 29th of June, but it wasn’t published before Friday. The bank was criticised on a number of points. The criticism comes in the wake of an oversight of the audit of the bank undertaken last December, reported E24 newspaper.

In its conclusion, it was said that the supervision of the bank had inadequate compliance in significant areas with the money laundering rules.

‘The understanding of the risk associated with money laundering, the implementation of customer control in line with the regulations, and a well-functioning electronic monitoring system, are crucial for the bank to uncover suspicious transactions, and the financing of terrorism,’ wrote the Danish Financial Supervisory Authority.

‘We agree with the audit that we are not on target, and we take the criticism very seriously,’ said DNB’s Communications Director, Thomas Midteide, in a comment to E24.

 

© NTB Scanpix / Norway Today

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