Retail FX and CFD trading provider, Saxo Bank, has been fined €42 million by Denmark’s financial regulator after authorities identified significant shortcomings in the bank’s anti-money laundering (AML) controls, particularly around the monitoring of certain customer relationships.
The Danish Financial Supervisory Authority said Saxo failed to adequately document the purpose and intended nature of specific client relationships, with the compliance gaps spanning early 2021 through May 2023. The issues were primarily linked to white-label arrangements, where third-party firms operate using Saxo’s trading infrastructure.
While the regulator did not identify specific cases of money laundering, it concluded that weaknesses in Saxo’s risk management framework warranted a substantial administrative penalty. Saxo has accepted the fine and acknowledged breaches of the Danish Money Laundering Act.
The enforcement action will have a direct financial impact on Saxo’s ongoing share sale to Mandatum, which currently owns a 19.83% stake in the bank. Under an indemnity clause agreed during negotiations, the purchase price will be reduced by approximately $8.7 million to account for the regulatory fine.
Mandatum said the adjustment is not expected to materially affect its financial results, and the transaction, valued at roughly $346 million, remains on track for completion in early 2026, subject to regulatory approvals.
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