Photo: Maykal via Adobe Stock Cracks in Nordea Bank's Money-Laundering Controls Results in $35M NY Fine
Nordea, which has had a branch in New York City for decades, said it has since fortified those efforts, while its former processes, policies and controls involved a shuttered brank in Denmark and Nordea's former operations in the Baltics.
August 27, 2024 at 05:36 PM
3 minute read
Financial Services and Banking
The original version of this story was published on New York Law Journal
New York's financial services watchdog said on Tuesday that Finnish-headquartered Nordea Bank will pay the Empire State a $35 million penalty for insufficient anti-money laundering controls, and for importing risks to the state's financial system through its relationships with U.S. banks.
Nordea, which has had a branch in New York City for decades, said it has since fortified those efforts, while its former processes, policies and controls involved a shuttered bank in Denmark and Nordea's former operations in the Baltics.
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