The Danish Financial Supervisory Authority fined Saxo Bank DKK 313 million (~USD $49.8 million) for systemic AML shortcomings in customer due diligence, ongoing monitoring (especially white-label clients), and Money Laundering Act compliance from January 2021 to May 2023—no actual money laundering was found. Saxo accepted the penalty (one of the sector’s largest recent fines) and has since improved processes.
Saxo Bank Fined $50 million for AML Violations
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