By Staff Writer
Saxo Bank has been fined €42 million (USD $49.8 million) by the Danish Financial Supervisory Authority for serious breaches of anti-money laundering (AML) rules, following weaknesses in how the bank monitored certain client relationships.
The regulator said Saxo failed to properly document the purpose and intended nature of some customer relationships, particularly those involving white-label clients, over a period spanning early 2021 to May 2023. While no specific cases of money laundering were identified, the authority cited structural gaps in risk management and customer due diligence.
Saxo has accepted the fine, acknowledging breaches of the Danish Money Laundering Act, and said it has since taken steps to address the shortcomings.
The Danish regulator noted Saxo’s cooperation during the investigation and said this was taken into account when determining the final penalty. The case highlights how AML compliance failures can carry significant financial and transactional consequences, even in the absence of confirmed money laundering.
The penalty will directly affect Saxo’s ongoing share sale to Mandatum, which holds a 19.83% stake in the bank. Under an agreed indemnity clause, the purchase price will be reduced by around $8.7 million to reflect the cost of the fine.
Mandatum said the adjustment will not have a material impact on its financial results. The transaction, valued at approximately $346 million, remains on track for completion in early 2026, subject to regulatory approvals.
