Corporate social responsibility

DNB's comments on allegations related to Icelandic fisheries companies

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DNB is looking into this matter to establish the facts. Based on what has emerged in the media, we cannot rule out that DNB's services have been misused by criminals in this matter. It is up to the police to determine whether this is the case.

If it is proved that a customer has misused DNB's systems for criminal purposes, this will of course have direct consequences for that customer. It is too early to say what such consequences would be. As the Icelandic media coverage has revealed, DNB terminated the customer relationship with two of the mentioned companies in 2018.

We understand that many would like to know whether DNB has reported any transactions to the police. It is, however, prohibited to disclose such reports, and it could also affect the police’s work. DNB's responsibility is to report suspicious transactions to Økokrim. Of course, we cooperate with the police in this type of matters.

DNB is not the one accused of money laundering or corruption. However, we are required to have systems in place to detect suspicious activities, so that we can take a closer look and possibly report them to Økokrim.  In 2018, DNB submitted 1 496 cases to Økokrim, involving more than 3 700 customer relationships and thousands of transactions. Following cases like this, however, we need to assess whether our efforts in this area have been good enough. 

In this matter, we are talking about circumstances extending almost ten years back in time. There is no doubt that both DNB and other banks now have better systems and more expertise on fighting and preventing financial crime than we had ten years ago. The requirements for banks have also tightened during this period.

As authorities also have stated, the purpose of the law is not to eliminate the risk of being misused for money laundering purposes, but to reduce it. All banks experience attempts at misuse by criminals, DNB included. There have undoubtedly been transactions that have passed through our systems, which should have been looked into more closely. 

Key areas

  • Eliminating economic crime
  • Promoting financial understanding in the community
  • 40 percent women in leading roles
  • Strict requirements towards our suppliers
  • Environment and renewable energy
  • Human rights
 

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