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    DNB   NO0010031479


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DNB to Be Fined $48.1 Million for Anti-Money-Laundering Inadequacies -- Update

05/03/2021 | 02:53pm EDT

By Dominic Chopping

DNB ASA on Monday confirmed that Norway's financial supervisory authority, Finanstilsynet, will impose a fine of 400 million Norwegian kroner ($48.1 million) for inadequate compliance with anti-money-laundering rules and legislation.

Norway's largest lender said in December that the fine was a possibility. It has already recorded the fine in its annual accounts for 2020.

Finanstilsynet has also published a report on investigations into Samherji, an Icelandic fisheries company that had been accused of money-laundering and corruption.

Okokrim, the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime, carried out an investigation of DNB's alleged involvement in handling payments from Samherji, but dropped the case against DNB earlier this year.

DNB said it acknowledged that there were shortcomings related to customer due diligence in the Samherji case, but said it has done a great deal of work on reviewing the customer portfolio since the case.

"DNB has not been under suspicion of money-laundering or complicity in money-laundering," it said in a statement.

"DNB acknowledges that the anti-money-laundering efforts had not given sufficient results at the time of the inspection, and the bank therefore accepts Finanstilsynet's fine," it added.

In a statement, Samherji said it had no knowledge of the penalty beyond what is available in public sources. The fishing company also said the supervisory authority's report contained inaccuracies.

"Samherji has never been contacted or asked one single question by Finanstilsynet," it said. "Again, this is probably because Samherji is not a party to this matter."

Jack Hagel contributed to this article.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

05-03-21 1452ET

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 1.06% 34382.13 Delayed Quote.11.16%
DNB ASA 1.87% 182.7 Real-time Quote.8.75%
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Sales 2021 54 035 M 6 575 M 6 575 M
Net income 2021 21 076 M 2 564 M 2 564 M
Net Debt 2021 - - -
P/E ratio 2021 13,6x
Yield 2021 5,60%
Capitalization 285 B 34 577 M 34 670 M
Capi. / Sales 2021 5,27x
Capi. / Sales 2022 5,00x
Nbr of Employees 9 050
Free-Float 57,6%
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Mean consensus HOLD
Number of Analysts 22
Average target price 178,53 NOK
Last Close Price 182,70 NOK
Spread / Highest target 29,7%
Spread / Average Target -2,28%
Spread / Lowest Target -49,1%
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Managers and Directors
Kjerstin Elisabeth Braathen Group Chief Executive Officer
Ottar Ertzeid Chief Financial Officer
Olaug Svarva Chairman
Alf Otterstad Group Executive VP-Information Technology
Mirella Wassiluk Executive Vice President-Compliance
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