Danish Regulator Fines Saxo Bank DKK313 Million Over AML Control Deficiencies

Copenhagen-based retail FX and CFDs broker Saxo Bank has been hit with a DKK313 million (approximately USD49.8 million) administrative fine by the Danish Financial Supervisory Authority, one of the largest penalties imposed on a firm in the sector in recent years.

The fine followed a regulatory inspection focused on anti-money laundering controls. According to a statement released by Finnish investment firm Mandatum, the review did not uncover any evidence or indications of actual money laundering activity at Saxo Bank.

Mandatum, which is in the process of selling its 19.83% stake in Saxo Bank as part of the company's takeover by the Safra Group, said the penalty could affect the final transaction value. Under the agreed indemnity mechanism, any administrative fine would be reflected in the valuation of Saxo Bank's shares.

Based on the share purchase agreement, Mandatum estimates that the portion of the fine attributable to its stake will result in an approximate €8 million reduction to the purchase price it is due to receive at closing. Mandatum's share of the original acquisition price was about €319 million.

The sale of Saxo Bank, first announced in March 2025, remains subject to regulatory approval. Mandatum said it expects the transaction to be completed in early 2026.

Separately, Saxo Bank's Hong Kong subsidiary, Saxo Capital Markets HK Limited, was fined $4 million earlier this month for regulatory breaches.