SwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

Nordea charged with money laundering offenses

The Danish unit for special crime (NSK) brings charges against Nordea for suspected crimes against the regulations on money laundering 2012-2015. Transactions of at least 26 billion Danish kronor are in focus. Nordea's share falls 1.6 percent after the charges.

» Updated: 16 July 2024, 14:13

» Published: 05 July 2024

Nordea charged with money laundering offenses
Photo: Henrik Montgomery/TT

The Danish unit for special crime (NSK) is bringing charges against Nordea for suspected crimes against the regulations on money laundering 2012-2015. Transactions of at least 26 billion Danish kronor are in focus.

Nordea's share falls 1.6 percent after the charges.

The Nordea investigation has been on the Danish prosecutor's desk since the summer of 2016, but has now resulted in a decision to bring charges. The case is described by NSK as the largest of its kind in the Danish banking sector of all time – i.e. larger than the major Danske Bank case.

"Nordea disagrees with the authorities' legal assessment of the case", writes Nordea in a press release.

The charges are directed against the bank and not against any individual persons. When the trial will be held is not yet decided.

NSK claims that Nordea has committed crimes against the regulations on money laundering during the years 2012-2015. Nordea is accused, among other things, of having turned a blind eye to suspected transactions by Russian customers. It is also about inadequate controls at exchange offices in Copenhagen, writes NSK in a press release.

"Historically weak processes"

Nordea already made a provision of 95 million euros in 2019 to cover expected costs for money laundering-related cases and the bank assesses that it is sufficient to cover what is now pending.

"As previously announced, Nordea expects fines in Denmark for historically weak processes and routines for combating money laundering and has made a provision for ongoing money laundering cases", writes Nordea in the press release.

"Nordea has cooperated and given full insight to the Danish authorities for nearly nine years and looks forward to a court decision", adds the major bank.

According to previous Danish newspaper reports, the investigation has, among other things, concerned inadequate control of Russian bank customers, who received millions from tax havens, as well as transactions related to suspected financing of terrorism.

FI dropped Nordea case

Nordea has previously also been involved in leaks that have shown how suspected billion transactions with connections to Russia and Kazakhstan have been made by Nordea customers 2013-2017.

The Financial Supervisory Authority (FI) in Sweden established in 2015 that Nordea had "major deficiencies in its work to prevent money laundering and financing of terrorism" and issued a warning and a fine of 50 million kronor.

FI wrote off another case in 2022 where they investigated deficiencies in Nordea's Swedish branch's application of the regulations on money laundering.

Tags
TTT
By TTThis article has been altered and translated by Sweden Herald

More news

The Speaker wants to calculate the cost of Trump's tax cuts
1 MIN READ

The Speaker wants to calculate the cost of Trump's tax cuts

Ikea in Finland stands firm on criticized decision
1 MIN READ

Ikea in Finland stands firm on criticized decision

Beware of Ghost Jobs
3 MIN READ

Beware of Ghost Jobs

Ukraine wants to de-Russify its currency
1 MIN READ

Ukraine wants to de-Russify its currency

Oatly at New Low
1 MIN READ

Oatly at New Low

Record valuation for Tiktok's owner
1 MIN READ

Record valuation for Tiktok's owner

The enormous fall risk for the AI boom's giant
3 MIN READ

The enormous fall risk for the AI boom's giant

The Swedish Transport Administration: Looks Better Than in a Long Time
2 MIN READ

The Swedish Transport Administration: Looks Better Than in a Long Time

This is how SJ will avoid a new winter of chaos
3 MIN READ

This is how SJ will avoid a new winter of chaos

Danish medicine giant stumbles – stock market in the red
1 MIN READ

Danish medicine giant stumbles – stock market in the red

Swish up and running again – problems solved
1 MIN READ

Swish up and running again – problems solved

High electricity prices blown away
2 MIN READ

High electricity prices blown away

New experiences to save future stores
4 MIN READ

New experiences to save future stores

Setback for Tesla - Supreme Court Rejects Appeal
1 MIN READ

Setback for Tesla - Supreme Court Rejects Appeal

Norwegian Billionaire Dead – Owned Shopping Centers in Sweden
2 MIN READ

Norwegian Billionaire Dead – Owned Shopping Centers in Sweden

The new owner of Bilprovningen embroiled in breast implant scandal
2 MIN READ

The new owner of Bilprovningen embroiled in breast implant scandal

Elon Musk Sues Microsoft
1 MIN READ

Elon Musk Sues Microsoft

Tesla seizure broke the dream limit for the Enforcement Authority
2 MIN READ

Tesla seizure broke the dream limit for the Enforcement Authority

Spotify's CEO sells shares for 400 million
1 MIN READ

Spotify's CEO sells shares for 400 million

The Billionaire Who Earns Millions on Normal
3 MIN READ

The Billionaire Who Earns Millions on Normal