Norway’s largest lender fined $48 million over AML failings

Regulator Finanstilsynet confirmed the fine this week after an inspection in February 2020 revealed “serious” AML breaches. The lender had said previously that a fine was a possibility.

Finanstilsynet also published a report into DNB’s customer relationship with affiliates of the Icelandic fisheries company Samherji Group.

The Finanstilsynet report found offences by DNB in connection with the Samherji case but said they were mainly “time-barred” or occurred under outdated legislation. Many of the breaches found were “many of the same serious offences” found under the AML inspection.

DNB acknowledged that there were shortcomings relating to customer due diligence in the Samherji case but said it has done a great deal of work on reviewing the customer portfolio since then.

“DNB has not been under suspicion of money laundering or complicity in money laundering,” it said in a statement.

“DNB acknowledges that the anti-money laundering efforts had not given sufficient results at the time of the inspection, and the bank therefore accepts Finanstilsynet’s fine,” it added.

DNB were previously investigated by Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime (Økokrim).

In November 2019, Økokrim announced it was investigating the relationship between DNB, Samerhji and alleged corruption in Namibia.

However, Økokrim dropped the investigation in February.

Samherji has strongly denied any allegations of wrongdoing.

In a statement to the Wall Street Journal, said: “Samherji has never been contacted or asked one single question by Finanstilsynet.” “Again, this is probably because Samherji is not a party to this matter.”

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