Nordea to Pay $35 Million Over Anti-Money-Laundering Violations
Tuesday, 27 August 2024, 14:59
Nordea's Financial Penalty
In a significant move, Nordea Bank faces a fine of $35 million for violations relating to anti-money-laundering procedures. This comes after an investigation by New York’s financial regulator, which revealed considerable compliance issues within the institution.
Details of the Violations
- Regulatory Scrutiny: New York State Department of Financial Services conducted thorough examinations of Nordea's practices.
- Compliance Failures: Findings indicated a lack of sufficient measures to combat anti-money-laundering activities.
- Impact on the Bank: This fine is one of the largest imposed on a European bank by U.S. regulators.
Nordea’s management has stated their commitment to improving compliance frameworks moving forward.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.