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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.
“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.