Norway’s biggest bank DNB has been warned that it may be fined 400 million kroner ($45 million) for failing to comply with anti-money laundering rules.
Norway’s financial supervisory authority indicated in a preliminary report sent to DNB Bank that it may impose the administrative fine following a February anti-money laundering inspection that found that DNB Bank had inadequate compliance with the Norwegian Anti-Money Laundering Act.
DNB Bank was investigated by police amid reports that it was used by an Icelandic fishing company to launder funds via operations in Namibia. DNB Bank was also investigated by the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime carried of DNB’s alleged involvement in handling payments from Samherji but dropped the case against DNB earlier this year.
DNB Bank acknowledges that the anti-money laundering efforts had not given sufficient results at the time of inspection and therefore accepts the fine. The Bank accepted that there were shortcomings related to due diligence with six companies connected to Samherji. DNB Bank added that it has increased its anti-money laundering efforts significantly since the inspection.