{"id":1088,"date":"2025-11-28T09:50:48","date_gmt":"2025-11-28T13:50:48","guid":{"rendered":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/?p=1088"},"modified":"2025-11-28T09:50:49","modified_gmt":"2025-11-28T13:50:49","slug":"finland-regulators-audit-findings-on-nordea-banks-sanctions-compliance","status":"publish","type":"post","link":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2025\/11\/28\/finland-regulators-audit-findings-on-nordea-banks-sanctions-compliance\/","title":{"rendered":"Finland &#8211; regulator&#8217;s audit findings on Nordea Bank&#8217;s sanctions compliance"},"content":{"rendered":"\n<p>Finland\u2019s Financial Supervisory Authority has <a href=\"https:\/\/www.finanssivalvonta.fi\/finanssisektorin-toimijalle\/finanssivalvonnan-valvontatyo\/tarkastustoiminta\/tarkastusten-tiivistelmat\/nordea-pankki-oyj-pakotesaantelyn-kiertamisen-estaminen-tiivistelma\/\">published the results<\/a> of an \u201caudit\u201d on Nordea Bank in relation to the bank\u2019s compliance with the asset freeze and export prohibition aspects of the EU\u2019s Russian sanctions.<\/p>\n\n\n\n<p>The result of the audit was a finding of a \u201cvery significant lack of information obtained and retained by the bank\u201d, with a lack of updating on the information that was obtained. In addition, \u201cshortcomings of great significance\u201d were found in relation to customer due diligence, and a lack of adequate assessment of the risk of sanctions circumvention including payments that involved \u201ca high risk country from the perspective of sanctions evasion\u201d.<\/p>\n\n\n\n<p>The announcement from the FIN-FSA does not indicate whether any further regulatory action will be taken.<\/p>\n\n\n\n<p>My thanks to Louis Vargas of the Network for Financial Crime Prevention for informing on this published audit.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finland\u2019s Financial Supervisory Authority has published the results of an \u201caudit\u201d on Nordea Bank in relation to the bank\u2019s compliance with the asset freeze and export prohibition aspects of the EU\u2019s Russian sanctions. The result of the audit was a finding of a \u201cvery significant lack of information obtained and retained by the bank\u201d, with &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/2025\/11\/28\/finland-regulators-audit-findings-on-nordea-banks-sanctions-compliance\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Finland &#8211; regulator&#8217;s audit findings on Nordea Bank&#8217;s sanctions compliance&#8221;<\/span><\/a><\/p>\n","protected":false},"author":656,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[95,71],"tags":[20,29,18,34],"ppma_author":[7],"class_list":["post-1088","post","type-post","status-publish","format-standard","hentry","category-95","category-financial-services","tag-financial-sanctions","tag-finland","tag-russia","tag-trade-sanctions"],"authors":[{"term_id":7,"user_id":656,"is_guest":0,"slug":"mhandley","display_name":"Mark Handley","avatar_url":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-content\/uploads\/sites\/65\/2023\/09\/handleymark-100x100.jpg","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""}],"_links":{"self":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts\/1088","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/users\/656"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/comments?post=1088"}],"version-history":[{"count":0,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/posts\/1088\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/media?parent=1088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/categories?post=1088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/tags?post=1088"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.duanemorris.com\/europeansanctionsenforcement\/wp-json\/wp\/v2\/ppma_author?post=1088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}