The Financial Supervisory Authority (FSA) of Norway has warned Norway’s biggest bank DNB that it could be fined NOK400m ($45m) for failing to comply with anti-money laundering (AML) rules.

The bank said that the FSA has criticised the lender for “inadequate compliance with the Norwegian Anti-Money Laundering Act.”

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The possible fine amount represents 7% of the maximum amount the regulator can impose and 0.7% of DNB’s annual turnover.

The highest fine amount the watchdog can impose is 10% of a firm’s annual turnover.

DNB said: “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 FSA considers to be inadequate compliance with the anti-money laundering rules and legislation.

“The inspection only applies to DNB’s operations in Norway.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“DNB takes the notice from FSA very seriously. The fight against financial crime is an important part of DNB’s corporate responsibility, and it is a task on which the company spends considerable resources.

“This work has the highest priority in DNB. DNB has implemented extensive measures and investments in recent years to comply with the anti-money laundering rules and legislation.

“Delivering on the authorities’ requirements and expectations in the area of anti-money laundering is ongoing work.

“DNB can continuously improve on this work, and the bank will continue to give priority to doing so in the time ahead.”

DNB said that it will review FSA’s preliminary report – which is yet to be finalised – and submit a response.

Earlier this year, the FSA of Denmark launched a probe against Danske Bank over irregularities in debt collection system.