Scandinavia’s biggest bank said it was reported to the police after an inspection in June last year by the Danish financial regulator uncovered a number of failures in its processes to prevent money laundering.
Nordea Bank AB says it is cooperating with the authorities. It also plans to add 300 employees to its compliance operations, bringing the unit to 1,150 people by the end of the year. “The compliance unit is expected to grow even further,” the bank said in a statement on Friday.
riday’s development is the latest in a string of reprimands Nordea has received due to its inability to comply with rules designed to prevent money laundering. Back in 2015, Sweden’s FSA found “major deficiencies” in Nordea’s efforts to ensure its services weren’t abused by potential criminals and terrorists eager to cover up their financial tracks. The bank received the maximum fine that could be charged for such breaches under Swedish law, which was 50