
Cooperative bank fined 794 million for laundering
A small financial institution, Københavns Andelskasse, has been fined 794 million kroner for severe violations of money laundering regulations. During a court session in Copenhagen City Court on Monday, it was revealed that the cooperative bank failed to investigate suspicious transactions as mandated by anti-money laundering laws. Finansiel Stabilitet, a state-owned company that took over the troubled bank in 2018, accepts the penalty. Two men involved are also charged, their identities protected by a publication ban. Despite numerous warnings from Arbejdernes Landsbank about the violations being ignored, and 3.1 billion kroner circulated through the bank without proper inquiries into major clients, the fine is ultimately not enforced due to specific legislation allowing penalty reductions to zero.