Denmark has officially charged Nordea in what is considered the country’s largest money laundering case to date. Authorities allege that the bank violated the Danish anti-money laundering act multiple times between 2012 and 2015.
The Danish police and Special Crime Unit (NSK) claim that Nordea, the largest bank in the Nordic region, failed to adequately investigate transactions linked to Russian customers and ignored warnings about dealings involving currency exchange offices in Copenhagen.
The NSK reported that approximately 26 billion crowns flowed into the bank despite indications that the funds could be associated with money laundering. Investigations into Nordea’s anti-money laundering measures have been ongoing since 2016.
While Nordea has set aside funds to address potential fines, the bank has contested the police’s legal interpretation. Chief legal counsel Anders Holkmann Olsen expressed disappointment in a statement, noting, “We are disappointed that this affair has been brought in front of the courts. Nordea has recognised on several occasions that at the time there were lapses in our systems and processes for fighting financial crime.”