Saxo Bank, a Danish bank focused on online trading and investment with more than €115 billion in client assets, has been penalized by the Danish authorities regarding claims of money laundering violations.
The Danish Financial Supervisory Authority has assessed a fine of DKK 313,000,000 or approximately $50 million, based on “the company’s failure to comply with the requirements for obtaining information regarding the purpose and intended nature of a number of customer relationships, as well as compliance with the requirements for ongoing monitoring for White Label Clients.” [translated]
The DFSA said it gave credence to the bank’s support regarding its investigation.
The fine was said to be reduced to avoid undermining the bank’s viability.
The transgressions took place between January 2021 and May 2023. The allegations were said to be more about due diligence and procedural failures than actual instances of money laundering.
