Finanstilsynet, the Financial Supervisory Authority of Norway, has imposed an administrative fine of NOK 400 million ($48.66m) on DNB for AML compliance deficiencies. DNB already recorded this fine in its annual accounts for 2020.
Finanstilsynet has also published the results of its investigations related to DNB’s operations with the Icelandic fisheries company Samherji. Samherji’s activities in Namibia were linked to money laundering and corruption. Notably, the investigating authorities dropped the case against DNB in February 2021, after DNB had disclosed all relevant information. DNB has said that the Samherji case took place when the old AML act was operational. The bank has assured that it has significantly improved its AML efforts since then. At the same time, it has agreed with Finanstilsynet’s observation about deficiencies related to customer due diligence in the six companies associated with the Samherji case.
While Finanstilsynet has not suspected DNB of money laundering (or complicity in it), the authority has pointed out issues with DNB’s compliance with the AML regulations. DNB has stated that fulfilling the authority’s AML-related requirements is an essential part of its corporate responsibility. As such, the bank has said that it invests significant resources towards AML efforts. However, DNB acknowledges that its AML efforts had proven to be unsuccessful after Finanstilsynet’s inspection, and it therefore accepts Finanstilsynet’s administrative penalty.
At the same time, DNB has stated that it disagrees with Finanstilsynet’s assessment that the bank’s Board and management were unsuccessful in prioritising AML efforts. The bank has stressed that AML efforts remain among the Board’s top priorities.
Source: DNB, Norway