DNB has been fined NOK 400 million for violating the Money Laundering Act. The fee from Finanstilsynet (Norway’s Financial Supervisory Authority) comes after a money laundering inspection at the bank in 2020.
“The audit was a follow-up of previous audits in the money laundering area. The audit revealed significant deficiencies in the bank’s compliance with the Money Laundering Act,” Finanstilsynet wrote in a press release.
“We take the criticism in the reports very seriously. Fighting financial crime and money laundering is one of our most important tasks, and it is a top priority for DNB,” CEO Kjerstin Braathen.
In 2020, Finanstilsynet also conducted further investigations of the bank’s handling of customer relationships with companies in the Samherji Group.
The investigation revealed significant deficiencies in compliance with the Money Laundering Act when handling customer relationships, the audit noted.
According to a stock exchange announcement from the bank, DNB has already included the fee in its accounts for 2020.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayNews
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