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NYDFS charges Nordea Bank for compliance and due diligence failures

Image of Nordea Bank signage
Photo: Francis Dean/Corbis via Getty Images

Julie DiMauro

2 min read

NYDFS alleged that Nordea’s AML safeguards at its former Baltic branches failed to meet its risk for money laundering and other suspicious transactions.

Nordea Bank Abp has reached a settlement with the New York State Department of Financial Services (NYDFS) after the regulator determined that the bank had compliance failures and failed to conduct proper due diligence of its correspondent bank partners. 

The bank entered into a consent order with NYDFS and agreed to pay $35m in penalties, the

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