Finland-based Nordea Bank will pay $35 million to resolve an investigation by the New York Department of Financial Services (NYDFS) into “significant compliance failures” in its anti-money laundering and Bank Secrecy Act (AML/BSA) program.
Nordea was discovered to be facilitating the creation of off-shore tax havens in the 2016 Panama Papers investigation. A subsequent NYDFS investigation found Nordea was engaging in high-risk transactions through its international bank branch in Denmark, the NYDFS said Tuesday in a press release. Nordea also formed relationships with high-risk correspondent banking partners without conducting adequate due diligence on them, the NYDFS said.
