Nordea agrees on fine amount with US authorities
Nordea Bank has agreed to pay a $35 million fine to U.S. authorities due to inadequate anti-money laundering controls in place between 2008 and 2019, according to the Finnish public broadcaster Yle.
As a result of the settlement, New York State's financial regulator will drop its lawsuit against Nordea.
The dispute centered around violations that came to light in 2016 through the massive data leak known as the Panama Papers.
According to U.S. authorities, Nordea assisted its clients in establishing hundreds of companies in tax havens. Nordea's Danish and Baltic operations were implicated in large-scale money laundering schemes, during which tens of billions of dollars from Russia and Azerbaijan were transferred abroad. The Baltic entities were also involved in financial transactions linked to parties associated with financial crimes.
New York's financial regulator stated that Nordea neglected its anti-money laundering oversight and failed to adequately scrutinize its clients' activities. The risk of criminal activity was exacerbated by Nordea's collaboration with foreign high-risk banks.
--
Follow ERR News on Facebook and Twitter and never miss an update!
Editor: Mari Peegel, Marcus Turovski
Source: Yle
