Date: August 29, 2024
Source: https://www.reuters.com/
Money Laundering Allegations
- New York regulator charges: Nordea Bank was charged by the New York state financial services superintendent with failing to properly police money laundering and other criminal activities.
- Inadequate due diligence: The regulator faulted Nordea’s inadequate due diligence over customers and high-risk banking partners.
- High-risk transactions: New York said Nordea was linked to billions of dollars of high-risk transactions between 2008 and 2019.
Panama Papers Involvement
- Russian and Azerbaijani Laundromats: Nordea’s Vesterport, Denmark, branch was implicated in the Russian and Azerbaijani Laundromats schemes.
- Anti-money laundering shortcomings: Nordea acknowledged its shortcomings in anti-money laundering procedures at several branches, including in Denmark, Latvia, Lithuania, and Estonia.
- Panama Papers revelations: The Panama Papers exposed thousands of offshore accounts and entities linked to individuals like Ukrainian President Volodymyr Zelenskiy and Argentine soccer star Lionel Messi.
Settlement and Penalties
- $35 million fine: Nordea Bank agreed to pay a $35 million civil fine to settle the charges.
- Third-quarter charge: The fine will be included as a charge in Nordea’s third-quarter results.
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