Saxo Bank Fined Millions

Saxo Bank A/S has been fined two million Danish kroner by the Court in Lyngby for failing to submit complete and accurate transaction reports to the Danish Financial Supervisory Authority (FSA) (Finanstilsynet).

The ruling follows a case brought by the National Unit for Special Crime (NSK), based on a police report filed by the FSA.

According to the judgment, between January 3, 2018, and June 30, 2021, Saxo Bank submitted incomplete or inaccurate transaction reports in at least 84 million instances. In a further 10 million cases, the bank failed to report transactions altogether, despite being required to do so.

The bank was also found guilty of failing to implement reasonable measures to ensure that its reports were accurate, complete, and submitted on time. The court noted that, for a period, the bank had not verified the substantive content of its reports at all.

The case was reported by the FSA in the spring of 2022.

– “I am satisfied with the verdict. It is crucial for the FSA’s ability to monitor the market and thereby prevent and detect market abuse that banks submit the necessary and correct transaction reports. It is important that there are consequences when a bank fails to comply with its reporting obligations,” said Nathalie Ghiorzi Elias, Head of Prosecution at NSK.