DNB to Be Fined $48.1 Million for Anti-Money-Laundering Inadequacies

DNB ASA on Monday confirmed that Norway’s financial supervisory authority, Finanstilsynet, will impose a fine of 400 million Norwegian kroner ($48.1 million) for inadequate compliance with anti-money-laundering rules and legislation.

Norway’s largest lender said in December that the fine was a possibility. It has already recorded the fine in its annual accounts for 2020.

Finanstilsynet has also published a report on investigations into Samherji, an Icelandic fisheries company that had been accused of money-laundering and corruption.

Okokrim, the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime, carried out an investigation of DNB’s alleged involvement in handling payments from Samherji, but dropped the case against DNB earlier this year.

DNB said it acknowledged that there were shortcomings related to customer due diligence in the Samherji case, but said it has done a great deal of work on reviewing the customer portfolio since the case.

“DNB has not been under suspicion of money-laundering or complicity in money-laundering,” it said in a statement.

By Dominic Chopping, The Wall Street Journal, 3 May 2021

Read more at The Wall Street Journal

Source: riskscreen.com