August 27, 2024: 12:03 pm
New York Fines Nordea Bank $35 Million
Nordea Bank Abp must pay $35 million in penalties after entering into a consent order with New York's Department of Financial Services, also known as DFS, to address "significant compliance failures" involving correspondent accounts. DFS disclosed Tuesday that inadequate screening of transactions, ties with high-risk partners and failure to manage the financial crime-related threats emanating from the Baltics exposed Nordea to illicit funds. The Helsinki, Finland-headquartered lender's ties with American banks then "imported" those threats into the U.S. financial system, the state regulator found.
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