Runs On Your Cloud
No Data Sharing
No Contract Required
Explore Now
Face Verification
Address Verification
Document Verification
Age Verification
VideoIdent
Fast ID
eIDV
NFC Verification
Consent Verification
Business Verification
Due Diligence
Investor Verification
E-Signature
Behavioural Biometrics
Device Fingerprinting
MFA
AML Screening
Business AML Screening
User Risk Assessment
Transaction Screening
Adverse Media Screening
Identity Verification
KYC
KYB
KYI
Bonus Abuse
Fraud Prevention
Deepfakes
Banking
Crypto
Fintech
Forex
Gaming
Gig Economy
Marketplace
Social Networks
Product Managers
Compliance Officers
Fraud Analyst
Global Trust Platform
Journey Builder
Vendor Comparison
Content library
Blogs
News
Reports
Insights
Knowledgebase
ROI calculator
Blind Spot Audit
Deepfake Detection
Liveness Detection
Document Originality
Document Deepfake
Events & Webinar
Podcast Studio
Spotlight Studio
API Documentation
Mobile SDKs
Service Status
Help Center
Contact Us
Technical Support
Compliance
Supported Document
About
Career
Press Release
Certifications
Partnership
Awards
Norway’s DNB is Facing a Possible Fine of $45M for Poor AML Compliance
Norway’s leading bank, DNB ASA, faces the possibility of a $45 million penalty for its inadequate anti-money laundering compliance. The noted concern of the regulators is that the penalty is not enough and is manageable by the bank. According to them, the penalty should be more significant.
The bank went through a detailed inspection from the financial regulator of Norway. The Finanstilsynet has criticized the bank for not complying with the anti-money laundering regulations adequately. However, DNB did not go much into detail over the report by Finanstilsynet as the case is still being processed.
Norway’s DNB faces $45 mln fine over lack of compliance on anti-money laundering https://t.co/SifFjwkQIS
— Muser Press (@muserpress) December 8, 2020
“The possible fine that DNB has been notified of is not related to any suspicions of money laundering or complicity in money laundering, but rather what (the FSA) considers to be inadequate compliance with the anti-money laundering rules and legislation,” DNB said.
According to Vitaline Yeterian, senior vice-president at DBRS Morningstar said that DNB would be able to manage the $45 million since they reported a profit of 5.29 billion kroner attributed to shareholders.
As for compliance, the Global Market Intelligence has been informed by DNB that they have already taken measures and invested in IT systems, people, and experts to strengthen the anti-money laundering regulations. They agree with the regulators on their weak system for anti-money laundering and they are working towards improvements.
