The New York State Department of Financial Services (NYDFS) has imposed a $35 million penalty on Nordea Bank for insufficient anti-money laundering controls. The Finnish-headquartered bank, which has maintained a branch in New York City for decades, was found to have failed in implementing adequate measures to prevent money laundering and for importing risks into the state’s financial system through its interactions with U.S. banks.
Nordea acknowledged the shortcomings and stated that it has since strengthened its anti-money laundering efforts. It attributed the deficiencies to former processes, policies, and controls associated with a now-closed bank in Denmark, as well as its previous operations in the Baltic region. For further details, refer to the original article on Law.com.