Norway’s DNB, one of the largest banking groups in the Nordic region, has been found wanting by the domestic regulator in addressing lapses in anti-money laundering controls.
Norway’s Financial Supervisory Authority (FSA) spotted failures during an inspection conducted late last year.
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In a report released this week, FSA said that the bank has made improvements since the earlier inspection in 2016, but still lags behind the desired level.
FSA identified lapses in the bank’s risk assessments, electronic transactions monitoring and documentation, reported Reuters.
In the report, FSA was quoted by the news agency as saying: “The company’s overall follow-up and coordination of AML has not been satisfactory.”
However, the regulator did not impose any penalty on DNB.
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By GlobalDataSuch compliance issues were also identified at DNB’s private banking unit, for which another inspection will be conducted soon.
In response, DNB said that will continue to its compliance with anti-money laundering regulations. The bank told Reuters that the FSA report did not identify any particular case of money laundering due to the shortcomings.
DNB is Norway’s largest financial services group and offers loans, savings, advisory services, insurance and pension products.
In November last year, the lender partnered with Collibra to introduce next generation of data-powered customer service.
The move also helped the bank to optimise business operations and add value to customer services.
