Nordea Acquitted on Most Counts in Long-Running Anti-Money Laundering Case
The Copenhagen City Court has delivered its verdict regarding Nordea Bank Abp's anti-money laundering (AML) controls between 2012 and 2015. While the bank was not charged with money laundering or assisting in it, the court acquitted Nordea on five out of seven counts related to the adequacy of its processes. For the remaining two counts, the court imposed a fine of DKK 155 million (approximately EUR 20 million). The fine is significantly lower than the DKK 6.6 billion (approximately EUR 880 million) sought by the Prosecution Service. Nordea stated that it has already adequately provisioned for this amount and noted that the verdict carries no immediate financial impact on its operations. The bank is currently reviewing the full reasoning of the court to determine if an appeal will be lodged with the Eastern High Court.
Topics: Anti-Money Laundering Compliance Court Verdict Regulatory Fine