Nordea comments on verdict in case about anti-money laundering measures from 2012 to 2015

Copenhagen City Court has today delivered its verdict in the more than ten-year-old case as to whether Nordea’s anti-money laundering processes and controls were adequate in the period 2012–15. Nordea has not been charged with money laundering or with assisting in money laundering.

The Court has acquitted Nordea on 5 out of 7 counts. Nordea has for the two remaining counts been fined an amount of DKK 155 million (approx. EUR 20 million). Nordea notes that this amount is significantly lower than the DKK 6.6 billion (approx. EUR 880 million) claimed by the Prosecution Service. Nordea is adequately provisioned.

At present, Nordea has the below comment:

“I’m pleased to note that Nordea was acquitted on 5 out of 7 counts. We have been acquitted on the key counts and we have been partially acquitted on the remaining two counts. We take the fine very seriously, but I also note that the size of the fine is significantly lower than the amount claimed by the Prosecution Service,” says Anders Holkmann Olsen, Group General Counsel at Nordea Danmark.

Nordea will now review the verdict in its entirety. This applies to both the conclusions of the verdict and the Court’s reasoning.

Consequently, there will be no further comments at this point.

The initial appeal period is two weeks from the date of the verdict. If the prosecution appeals all or part of the verdict, Nordea will have an additional two weeks to decide whether to lodge a counterappeal. Any appeal would be heard by Østre Landsret (the Eastern High Court) in Denmark. Subject to the applicable rules and requirements, a subsequent appeal to the Supreme Court may be possible. The verdict does not have any immediate financial impact.

Facts about the case

The case is about whether Nordea’s anti-money laundering processes and controls were adequate in the period 2012–15. Nordea has not been charged with money laundering or with assisting in money laundering. No current or former employees are or have been suspected or charged in connection with the case.

Nordea has invested and continues to invest heavily in fighting money laundering and other types of financial crime and collaborates closely with the authorities to stop criminals and their activities.