Nordea, the largest bank in the Nordic region, has been officially charged in Denmark’s biggest money laundering case to date.
The charges state that Nordea violated the Danish anti-money laundering act multiple times between 2012 and 2015, according to Finextra.
The Danish police and the Special Crime Unit (NSK) have accused Nordea of failing to sufficiently investigate transactions by Russian customers and ignoring warnings about transactions involving currency exchange offices in Copenhagen.
According to the NSK, these lapses allowed approximately 26 billion crowns to flow through the bank despite suspicions that the money was linked to money laundering.
Nordea has acknowledged that there were lapses in its systems and processes for combating financial crime during the specified period.
Despite this, the bank disagrees with the police’s legal assessment and has made provisions for potential fines.
Anders Holkmann Olsen, Nordea’s chief legal counsel, expressed the bank’s disappointment over the charges being brought to court. He stated, “We are disappointed that this affair has been brought in front of the courts. Nordea has recognised on several occasions that at the time there were lapses in our systems and processes for fighting financial crime.”
This case follows years of scrutiny, with the NSK investigating Nordea’s anti-money laundering controls since 2016.
As the legal proceedings unfold, the outcome of this landmark case will likely have significant implications for financial institutions across the Nordic region and beyond.
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