Nordea Bank is a financial group in Northern Europe and the Baltics with activities within the following business areas: Retail Banking (private customers), Corporate Finance (companies and institutions), and Asset Management and Life Insurance.
The Nordea Group serves approximately 10 million private and 960,000 business customers. It also operates an internet bank that has more than 5.3 million online customers, who together make more than 200 million payments a year.
There are currently Nordea branches in the following countries: Denmark, Sweden, Norway, Finland, Estonia, Latvia, Lithuania, Luxembourg, Poland, Switzerland, and Germany.
As a result of the Panama Papers, it became known at the beginning of 2016 that Nordea maintains several hundred offshore shell companies.
In mid-June 2022, the internet blog OCCRP published leaked audits showing that Nordea and DNB had ignored money laundering red flags for years and had not carried out due diligence on questionable clients, including oligarchs and suspected money launderers.
Nordea did not respond to specific questions from reporters, but stressed the need for “closer cooperation between banks and authorities to detect and prevent financial crime.”
The reports, completed in May 2019 by a team of internal auditors and U.S. consulting firm Alvarez & Marsal, combed through a decade’s worth of records covering 1.6 trillion euros in transactions at the six merged banks.
The initial audit found some 3.9 billion euros in problematic remittances, including “large transactions with counterparties associated with potential financial crimes, unexplained remittance activity, shell companies and negative media reports.” Another 17.3 billion euros require closer investigation, it said.
Therefore we rate the company on Red.