INSIGHT: Nordea’s Danish headache could end up costing Finnish lender as much as $1 Billion; bank has only provisioned €95M

Regulatory Watch News

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  Fines totalling €20 million imposed on de Volksbank

  DNB

  January 30, 2025

  On 22 January 2025, De Nederlandsche Bank (DNB) imposed two administrative fines on de Volksbank. One amounts to €15 million for failing to ensure the sound conduct of business operations. The other, of €5 million, was imposed for deficient anti-money laundering controls The Financial Supervision Act (Wet op het financieel toezicht – Wft) requires that financial institutions ensure the sound conduct of their business operations. Because of de Volksbank’s very serious and protracted non-compliance with the Wft, DNB imposed a €15 million fine.

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  Italy: EPPO seizes €5 million in VAT fraud investigation involving fuels

  European Public Prosecutor's Office

  January 30, 2025

  (Luxembourg, 30 January 2025) – In an investigation into a complex VAT fraud on imported fuels, led by the European Public Prosecutor’s Office in Bologna (Italy), the Modena Italian Financial Police (Guardia di Finanza) seized assets worth €5 million in the provinces of Modena and Ravenna this month. At stake is a suspected Missing Trader Intra-Community (MTIC) fraud – a complex criminal scheme that takes advantage of EU rules on cross-border transactions between its Member States, as these are exempt from value-added tax (VAT).

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  SHIELD V: Over 3.4 million pills seized in Operation Targeting Counterfeit Medicines

  OLAF

  January 30, 2025

  Over 3.4 million pills have been seized as part of Operation SHIELD V, in which the European Anti-Fraud Office (OLAF) has played an essential coordinating role.  This annual operation targets the misuse and distribution of counterfeit medicines, doping substances, illegal food or sports supplements, and counterfeit COVID-19 medical supplies.