DNB ASA, Norway’s largest financial services group, has been issued a penalty 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 policies and procedures. With enforcement action on the increase, all firms should take the opportunity to review the adequacy and effectiveness of their anti-money laundering policies and procedures.

https://www.finanstilsynet.no/en/news-archive/inspection-reports/2021/inspection-report–dnb-bank-asa/