The Danish Financial Supervisory Authority has fined Saxo Bank approximately USD 46.1 million in an administrative penalty.
This fine followed a prolonged investigation into violations of Denmark’s Money Laundering Act, where the regulator determined that Saxo Bank failed to adhere to statutory requirements related to customer due diligence, especially concerning documentation of the purpose and expected nature of certain business relationships.
The supervisory review covered the period from January 2021 to May 2023 and focused on Saxo Bank’s management of white-label arrangements. Under this model, third-party partners utilize Saxo Bank’s trading infrastructure to serve their own clients, with oversight responsibilities placed on the platform provider. The authority found that insufficient information gathering and risk assessment prevented Saxo Bank from adequately evaluating activities through these partnerships.
Regulatory findings regarding white-label supervision
The regulator noted that Saxo Bank did not maintain adequate ongoing monitoring of white-label relationships and lacked sufficient insight into the underlying customer activities. These deficiencies were deemed inconsistent with sections 11(1)(4) and 11(1)(5) of the Money Laundering Act, which mandate a thorough understanding and continuous assessment of the risks associated with customer relationships.
Despite not uncovering any specific cases of money laundering, the authority highlighted structural weaknesses in Saxo Bank’s control framework. The size of the fine considered Saxo Bank’s financial capability and the severity of the breaches, but was ultimately reduced due to the bank’s cooperation during the investigation and efforts to address the identified issues.
By accepting this administrative fine, Saxo Bank avoided court proceedings while acknowledging the regulatory shortcomings.
This enforcement action impacted a planned share transaction between Mandatum, which holds a 19.83% stake in Saxo Bank. The purchase price was adjusted by approximately USD 8.7 million to reflect the fine under an indemnity clause agreed upon during negotiations initiated in March 2025. Mandatum expects this adjustment not to significantly impact its financial results and the transaction is still scheduled for completion in early 2026, pending regulatory approval.
