trending Market Intelligence /marketintelligence/en/news-insights/trending/uBefXUd-wSa1clXys_XIUg2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Nordea completes probe into Luxembourg unit's Panama Papers involvement

Street Talk Episode 68 - As many investors zig away from bank stocks, 2 vets in the space zag toward them

Street Talk Episode 66 - Community banks tap the debt markets while the getting is good

Street Talk Episode 67 - Veteran investor tabs Mick Mulvaney to help with latest financial stock-focused fund

Street Talk Episode 65 - Deferral practices trap US bank portfolios in purgatory

Nordea completes probe into Luxembourg unit's Panama Papers involvement

completed itsinternal investigation into whether Luxembourg-based unit followed rulesregarding activities related to offshore structures.

The investigation, launched inthe wake of the Panama Papersscandal, looked intooffshore structures either administered by Panama-based law firm and/orincorporated in Panama, and which had a customer relationship with theLuxembourg unit as of April 15. The tax part of the probe covered the periodfrom 2010 to 2016, covering 137 structures.

The probe found that while theunit offered administrative services to customers, there was no evidence thatits employees initiated the establishment of offshore structures or proactivelycontributed to the customers' potential tax evasion. The unit had relevantpolicies and instructions in place, such as those related to know-your-customerregulations, anti-money laundering measures and tax compliance.

Nordea also reviewed the Russianmanagement's ownership of private offshore structures and found no evidence ofany violations of the group's internal policies relating to establishing ormaintaining such structures.

Nordea Bank SA also blockedaccounts where suspicious indications were found during the investigation andplaced the accounts under further investigation to ensure if they comply withrelevant tax rules. The unit will also stop assisting customers with theadministration of offshore structures, neither with Mossack Fonseca nor withother corporate service providers. Nordea expects to completely discontinue allassociation with Mossack Fonseca by the end of 2016.

Swedish law firm MannheimerSwartling, which assisted Nordea in its probe, concluded that there aredeficiencies relating to the governance and control structures in Nordea BankSA.

Following the probe, Nordea saidit will apply stricter governance of Nordea Bank SA and integrate the unit intoits Nordic private banking organization to secure a fully compliant culture.The unit will have a new board composition, including an external board member,and internal control functions will be strengthened.