DNB neglected to conform to against tax evasion rules: Norway guard dog
OSLO (Reuters) - Norway's Financial Supervisory Authority (FSA) found huge weaknesses in DNB's (DNB.OL) consistence with hostile to illegal tax avoidance (AML) guidelines during a late-2018 assessment, the bank controller said in a report discharged on Wednesday.
Since quite a while ago viewed as not a noteworthy hazard issue for Nordic banks, illegal tax avoidance has turned into a noteworthy worry over the most recent two years following outrages at contenders Danske Bank (DANSKE.CO) and Swedbank (SWEDa.ST).
The FSA discovered enhancements had been made since a prior audit in 2016 by DNB, the Nordic area's greatest bank by market esteem, however said the loan specialist still had noteworthy weaknesses and had taken too long to even consider starting to correct prior issues.
"The organization's general development and coordination of AML has not been tasteful," the FSA stated, including it discovered weaknesses in hazard appraisals, checking of electronic exchanges and in documentation of measures DNB had taken.
No punishments were forced on DNB, the bank said.
DNB said it pays attention to neutralize illegal tax avoidance very and would keep on improving its consistence. It noticed the FSA's report did not reveal unequivocal instances of illegal tax avoidance.
Issues inside consistence were additionally found at DNB's private financial unit, the FSA stated, and another review will be directed in the blink of an eye.
Since quite a while ago viewed as not a noteworthy hazard issue for Nordic banks, illegal tax avoidance has turned into a noteworthy worry over the most recent two years following outrages at contenders Danske Bank (DANSKE.CO) and Swedbank (SWEDa.ST).
The FSA discovered enhancements had been made since a prior audit in 2016 by DNB, the Nordic area's greatest bank by market esteem, however said the loan specialist still had noteworthy weaknesses and had taken too long to even consider starting to correct prior issues.
"The organization's general development and coordination of AML has not been tasteful," the FSA stated, including it discovered weaknesses in hazard appraisals, checking of electronic exchanges and in documentation of measures DNB had taken.
No punishments were forced on DNB, the bank said.
DNB said it pays attention to neutralize illegal tax avoidance very and would keep on improving its consistence. It noticed the FSA's report did not reveal unequivocal instances of illegal tax avoidance.
Issues inside consistence were additionally found at DNB's private financial unit, the FSA stated, and another review will be directed in the blink of an eye.
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