Norway's DNB Chided For 'Deficiencies' In AML Defenses
Law360, London (August 21, 2019, 3:56 PM BST) -- Norway's DNB bank on Wednesday blamed evolving tactics used by money launderers after being rebuked by the country's top financial regulator for failing to address gaps in its internal controls, saying it is investing more resources to counter the problem.
DNB A/S responded to a report Norway's Financial Supervisory Authority issued Wednesday. The watchdog concluded that the bank has taken much too long to institute anti-money laundering reforms, and that there are still "significant deficiencies" in compliance.
The FSA said Norway's largest bank would face a follow-up inspection soon.
The report noted that the bank has made improvements since 2016, but...
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