DNB ASA, Norway’s largest financial services group, will pay a fine of NOK 400 million ($48.1 million) for failing to adhere to Norwegian Anti-Money Laundering Act standards.

The Financial Supervisory Authority of Norway (Finanstilsynet) imposed the fine following an inspection of DNB’s anti-money laundering (AML) policies and procedures. Additionally, a separate investigation was conducted into its handling of customer accounts for Icelandic fisheries company Samherji.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...