Expects to be fined in Denmark (Il Sole 24 Ore Radiocor) - Helsinki, 05 Jul - The Finland-based bank Nordea said that it believes to be "adequately provisioned" to cover an expected fine in a Danish anti-laundering trial, whose proceedings are scheduled to start.

"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," the bank said in a statement.

"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," it added.

"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," it noted.

In June 2016 the matter was referred to the Danish Prosecution Service for further investigation.

"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," the bank said.

In the first quarter of 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," it concluded.

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(RADIOCOR) 05-07-24 11:35:04 (0273) 5 NNNN