Featured Norway

IMF asked to evaluate Nordic and Baltic money laundering prevention

The International Monetary Fund (IMF) is asked to conduct an independent evaluation of money laundering prevention in the Nordic and Baltic region, a member of the Bank of Lithuania’s board said Wednesday. “A regional monetary prevention evaluation will be performed,” Marius Jurgilas told members of the Seimas Committee on Budget… Read More

Money-laundering scandals spark new risk retrenchment

Ever since the 2008 financial crisis, US financial misconduct fines have led the world.  However, defenders of Europe’s more collegiate approach to tackling banks’ money-laundering shortcomings say US banks also lead the world for de-risking, shunning some of the globe’s poorest countries from access to the dollar system. … Read More

Troubled Nordic Banks Push Through Yet Another Executive Purge

The two biggest Nordic banks extended a purge at the very top of their ranks in the hope of improving revenue and restoring confidence tattered by money laundering scandals. Nordea Bank Abp named Frank Vang-Jensen chief executive officer on Thursday after activist investors had spent months hammering the lender for… Read More
22nd August 2019
Norway’s Financial Supervisory Authority (FSA) found significant shortcomings in DNB’s compliance with anti-money laundering (AML) regulations during a late-2018 inspection, the bank regulator said in a report released on Wednesday. Long regarded as not a major risk issue for Nordic banks, money laundering has become a major concern in the… Read More
22nd July 2019
Swedish cash-handling firm Loomis AB (LOOMb.ST) reported flaws in its anti-money laundering oversight on Friday and vowed to fix them. Loomis launched an investigation into its operations in May after a journalist alleged it was implicated in a Danish money laundering scandal involving foreign exchange agencies. Danish authorities… Read More
22nd July 2019
Efforts to improve anti-money-laundering controls continue to weigh on the financial results of Nordic banks, which have faced allegations in recent months of moving dirty money. The region’s largest lenders— Swedbank AB, Nordea Bank ABP and Danske Bank A/S—said this week that investments in new compliance systems and… Read More
8th July 2019
The Nordic region’s six major banks announced the creation of a customer checking center on Friday, with the initiative expected to help their efforts to crack down on money launderers and recover from a scandal that has damaged the sector’s reputation. The news confirms a Reuters report about the venture,… Read More
4th July 2019
Norway’s Financial Supervisory Authority has ordered Spanish bank Santander (SAN.MC) to pay a fine of nine million crowns ($1 million) for violations of the country’s anti-money laundering laws, it said on Tuesday. The fine was imposed in relation to violations found at Santander Consumer Bank in Norway, the… Read More
26th June 2019
Norway’s Financial Supervisory Authority (FSA) said on Tuesday it had fined a subsidiary of Norwegian bank DNB for failing to comply with anti-money laundering regulations. DNB Naeringsmegling, a real estate brokerage for commercial property, was given a so-called non-compliance fee of 30,000 Norwegian crowns ($3,532) for failing to properly impose… Read More
25th March 2019
Several banks operating in Norway made insufficient anti-money laundering risk assessments last year, the country’s Financial Supervisory Authority (FSA) said in its annual report on Friday. While the FSA listed the banks that had been inspected, its report did not say which were found to have shortcomings. Last November, the… Read More