Nordea resolves investigation with US authority over past AML procedures
Nordea Bank Abp has reached a final resolution with the New York State Department of Financial Services (DFS) regarding an investigation into its anti-money laundering (AML) program between 2008 and 2019. The bank will pay a fine of USD 35 million.
Helsinki – Nordea Bank Abp announced on Tuesday that it has reached a final resolution with the New York State Department of Financial Services (DFS) following an investigation into the adequacy of Nordea’s anti-money laundering (AML) program during the period 2008 to 2019.
Under the resolution, Nordea has agreed to pay a fine totaling USD 35 million (approximately EUR 31.5 million). The bank stated that the amount will not have a material impact on its financial position and that the charge will be recorded as a cost in its third-quarter 2024 results.
The historical investigation by DFS concerned Nordea's former processes, policies, and controls to prevent money laundering, including those related to the now-closed Vesterport International Branch in Denmark and Nordea's former operations in the Baltics.
Nordea has accepted the terms of the resolution and fully cooperated with DFS. The bank is not aware of any other pending or active investigations by U.S. authorities related to such historical financial crime prevention matters. The bank highlighted significant investments, totaling approximately EUR 1.5 billion since 2015, to enhance its financial crime prevention capabilities.