DNB, Norway's largest bank, was fined NOK 400 million ($48 million/€40 million) by Norwegian authorities as part of a stinging rebuke for failures to implement sufficient anti-money laundering protocols, including transactions between affiliates of Icelandic seafood giant Samherji.
In two separate reports released Monday, Finanstilsynet, Norway's financial supervisory agency, found DNB failed to properly scrutinize Samherji's activities, even when DNB's own investigations indicated Samherji affiliates could be a risk for money-laundering, according to IntraFish sister company DN.
The report also called the oversight failures in the Samherji case likely extended to other customers that should have been scrutinized more closely.
