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Saxo Bank Hit With Its Biggest Fine in Years as Danish Regulator Finds Major Gaps in Its Anti-Money Laundering Controls
Denmark's financial regulator has fined Saxo Bank DKK 313 million — roughly USD 49 million — over failures in its anti-money laundering controls, the bank's largest penalty in years. The failings centred on its white label arrangements, where it provides trading infrastructure to other firms without adequately knowing the end clients behind them.