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(Sharecast News) - Nordea Bank has been fined by a Copenhagen court for failing to comply with Denmark's anti-money laundering controls between 2012 and 2015, it was confirmed on Monday.
The Copenhagen City court ruled that Nordea should pay DKK155m (£17.3m) after finding the lender partially guilty on two counts while dismissing the remaining five. It said: "The fine was determined on the basis of the court's specific assessment of the nature, seriousness and extent of the infringements," Reuters reported.
Nordea said it would review the verdict "in its entirety" before deciding whether or not to appeal. It also noted that the amount was significantly lower than the DKK6.6bn fine initially sought by prosecutors, and said the verdict did not have any immediate financial impact.
It concluded: "The case is about whether Nordea's anti-money laundering processes and controls were adequate in the period 2012-15. Nordea has not been charged with money laundering or with assisting in money laundering.
"Nordea has invested and continues to invest heavily in fighting money laundering and other types of financial crime."
The case was brought by Denmark's special crime unit, which claimed in 2024 that Nordea had failed to sufficiently investigate Russian customers and disregarded warnings about Copenhagen currency exchange offices.
As at 1500 GMT, shares in Nordea were trading up 2%.
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