Bulletin: Saxo Bank To Boost Anti-Money-Laundering Framework After Financial Authorities' Check; Capital Impact Manageable

DUBAI (S&P Global Ratings) Feb. 16, 2024--S&P Global Ratings today said that the findings from the Danish Financial Supervisory Authority's (FSA's) inspection of Saxo Bank A/S's anti-money-laundering (AML) framework are largely incorporated in our view of the banking group's risk and capital positions. We anticipate Saxo Bank (BBB/Positive/--) will exhibit a relatively modest risk appetite compared with securities broker firm peers, where ongoing work is in place to ensure AML procedures and processes will adhere with the FSA's orders after the inspection, as the bank continues to grow. As a result of the FSA inspection, 12 enforcement orders were issued to address shortcomings in Saxo Bank's internal procedures and processes. In particular, the Danish FSA highlighted that these enforcement orders

...DUBAI (S&P Global Ratings) Feb. 16, 2024--S&P Global Ratings today said that the findings from the Danish Financial Supervisory Authority's (FSA's) inspection of Saxo Bank A/S's anti-money-laundering (AML) framework are largely incorporated in our view of the banking group's risk and capital positions. We anticipate Saxo Bank (###/Positive/--) will exhibit a relatively modest risk appetite compared with securities broker firm peers, where ongoing work is in place to ensure AML procedures and processes will adhere with the FSA's orders after the inspection, as the bank continues to grow. As a result of the FSA inspection, 12 enforcement orders were issued to address shortcomings in Saxo Bank's internal procedures and processes. In particular, the Danish FSA highlighted that these enforcement orders focused on certain AML-specific topics, in addition to internal controls and the company's compliance functions for the banking group's institutional business area, which represented 29% of total...

Bulletin