April 29, 2019

Nordea makes provision for money laundering fine

Nordea Bank Apb, a Finnish financial services group, reported in its first quarter 2019 results that it expects to be fined in Denmark for its “past weak AML processes and procedures,” following an investigation by the Danish Financial Supervisory Authority beginning in June 2015, which has been referred to the Danish police for further processing.  The bank said that as a result it established the Financial Crime Change Programme in 2015, and has invested over EUR 700 million to strengthen its risk and compliance activities in the past two years.  Nordea is making a provision of EUR 95 million for AML-related matters.

The bank also reported that it is responding to inquiries from US governmental authorities in connection with an investigation of financial sanctions compliance between 2008 and 2014.

Q-1 Report 2019