Danish prosecutors are seeking a 6.6-billion kroner ($1-billion) fine against Nordea Bank for a series of anti-money-laundering (AML) failures, in what authorities describe as the largest criminal case ever brought against a bank in Denmark, according to The Copenhagen Post. 

Prosecutors requested the penalty at the Copenhagen City Court, according to the Post. If imposed, the penalty would be the largest-ever AML fine levied in Denmark to date, including the €470-million monetary penalty paid by Danske Bank in 2022.

The case involves suspicious transactions totaling more than 26 billion kroner ($4.1 billion) that passed through the bank between 2012 and 2015, largely linked to Russian clients and high-risk clients from tax havens, according to AML Intelligence and the Post. Prosecutors argued that bank staff failed to follow the institution’s own AML policies during the period.

Group General Counsel Anders Holkmann maintained that Nordea is not guilty of the charges and said that, in the bank’s view, the court proceedings have further supported its position, according to AML Intelligence. He acknowledged that controls and processes at the time could have been better with the benefit of hindsight, but argued there is a meaningful legal distinction between inadequate performance and criminal conduct, the news outlet said. 

A verdict is expected following the summer court recess, The Copenhagen Post said.

The fine demand comes as Nordea faces a separate regulatory action in Denmark. Last month, the Danish Financial Supervisory Authority referred Nordea Finans Danmark to police for investigation over potential failures to comply with AML rules on customer due diligence, according to AML Intelligence.