Inside information: Court proceedings against Nordea to commence in Denmark in old anti-money laundering matter. Nordea considers current provisioning adequate

Nordea Bank Abp
Stock exchange release – Inside Information
5 July 2024 at 9.45 EET

Following investigations conducted by the authorities into anti-money laundering controls in 2015 and earlier, the Danish National Special Crime Unit has announced that it will commence court proceedings and file a formal charge. Nordea does not agree with the legal assessment made by the authorities, a position supported by three separate external legal assessments, and maintains that the bank is adequately provisioned based on current circumstances.

As previously disclosed, Nordea expects to be fined in Denmark for weak anti-money laundering processes and procedures in the past and has made a provision for ongoing anti-money laundering matters. The Danish Financial Supervisory Authority investigated in 2015 whether Nordea Bank Danmark A/S had complied with applicable anti-money laundering regulations in terms of having adequate processes to identify and combat money laundering.

The investigation led to orders by the Danish Financial Supervisory Authority with no mention of specific money laundering, nor any findings related to intentional breaches of the applicable legislation, and no individuals were accused of any wrongdoing.

In June 2016 the matter was referred to the Danish Prosecution Service for further investigation in accordance with Danish practice.

Today the National Special Crime Unit has announced that it will commence court proceedings against Nordea in Denmark in this previously disclosed anti-money laundering matter. Based on Nordea’s interpretation of Danish law, Nordea does not agree with the content of the charges nor the legal assessment.

In Q1 2019 Nordea made a provision for anti-money laundering-related matters and has reviewed the provision level on an ongoing basis. Based on current circumstances, and supported by three separate external legal assessments, Nordea believes that the current provision is adequate to cover this matter.

Nordea has continuously sought a resolution

Nordea has been working transparently with the Danish authorities for close to nine years and will await a decision by the courts.

In recent years, Nordea has invested heavily in fighting money laundering and other financial crime and collaborates closely with the authorities to stop criminals and their activities.

For further information:

Ilkka Ottoila, Head of Investor Relations, +358 9 5300 7058
Media inquiries, +358 10 416 8023 or [email protected]

The information provided in this stock exchange release is such that Nordea Bank Abp is required to disclose pursuant to the EU Market Abuse Regulation and was submitted for publication, through the agency of the contacts set out above, at 9.45 EET on 5 July 2024.

 
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