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Norwegian market regulator faults DNB's anti-money laundering compliance

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Norwegian market regulator faults DNB's anti-money laundering compliance

Norwegian market regulator Finanstilsynet found shortfalls in DNB ASA's compliance with anti-money laundering rules during an inspection toward the end of 2018, Reuters reported.

The FSA said in a report that although the bank has shown improvements since a previous review in 2016, it still has significant lapses and has taken too long to resolve them, the newswire wrote Aug. 21. The shortcomings fall under risk assessments, electronic transaction monitoring and documentation processes.

In response to the report, DNB said it takes the FSA's comments "very seriously." The bank, the biggest in the Nordics by market value, added that it has taken steps to bolster its compliance including hiring more staff for financial crime prevention, with plans to further invest in IT and artificial intelligence.

The bank added that the FSA's report mentioned neither sanctions nor any specific money laundering case.

The money laundering issue has been haunting the Nordics in recent months, the biggest of which centers on the Estonian branch of Copenhagen-based Danske Bank A/S. It is said that some €200 billion of dirty money flowed through the branch's books.

"Succeeding in the fight against money laundering and financing of terrorism requires good cooperation ... DNB is – and will continue to be – a driving force for this type of cooperation," Roar Østby, the bank's anti-money laundering head, said in a statement.