Norway’s DNB fined $48.1M for AML violations
DNB ASA, Norway’s largest financial services group, will pay a fine of NOK 400 million ($48.1 million) for failing to adhere to Norwegian Anti-Money Laundering Act standards. The Financial Supervisory Authority of Norway (Finanstilsynet) imposed the fine following an inspection of DNB’s anti-money laundering (AML) policies and procedures. Additionally, a separate investigation was conducted into its handling of customer accounts for Icelandic fisheries company Samherji. “The inspection revealed serious breaches in the bank’s compliance with the Anti-Money Laundering Act,” Finanstilsynet announced Monday in a press release. DNB announced last year the fine was imminent. The details: Finanstilsynet said it found…