The Danish Financial Supervisory Authority (Finanstilsynet) fined Saxo Bank DKK 313 million (approximately $49 million) for anti-money laundering failings related to insufficient due diligence on white-label partners between 2021 and 2023. The fine is the largest imposed on Saxo in recent years.
The Danish FSA found that Saxo Bank's AML control framework for its Banking-as-a-Service (BaaS) white-label partnerships was structurally weak during the 2021–2023 period, with inadequate know-your-customer procedures applied to partner institutions. Importantly, no actual money laundering was identified—the penalty relates to the insufficiency of the controls themselves rather than any laundered funds. The fine comes at a transitional moment for Saxo, as the J. Safra Sarasin majority acquisition (announced March 2025) is still pending regulatory clearance. Saxo has stated it takes the findings seriously and has already implemented significant remediation measures to strengthen its compliance infrastructure across all partner relationships.