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DNB combats financial crime and contributes to a safe digital economy

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Financial crime, including fraud, corruption, work-related crime and money laundering, is a serious societal problem and a threat to our welfare system, while also undermining the health of our business community. 
 
We work systematically to prevent DNB's products and services from being used for criminal activities. Our aim is to be the most trusted player when it comes to delivering secure banking services in a modern digital economy. The principal goal for DNB's effort is to fight financial crime is to reduce financial loss for our society, our customers and for DNB, while maintaining trust in the bank's products and services. This work is essential for fulfilling our social responsibility and ensuring compliance.

Goals and ambitions

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  • DNB reports all suspicious transactions
  • DNB aims to be the most trusted player when it comes to delivering banking services in a modern digital economy
  • DNB is committed to processing and using data and AI (artificial intelligence) in a way that ensures a fair, democratic and inclusive society

Achievements

Illustration of diploma, lock and money
  • We stopped fraud attempts against our customers and the Group worth a total of NOK 1.180 million in 2020
  • In the course of the year, we reported a total of 1.230 cases of suspicious activity to EFE (the Norwegian Financial Intelligence Unit, FIU) in Økokrim (the Norwegian National Authority for Investigation and Prosecution of Economic and Environmental Crime)
  • A total of 10.197 people had completed the basic course in anti-money laundering and counter-terrorist financing in 2020
  • The same year, we recorded 16.967 cyberattacks and IT security incidents
 

Combating money laundering

Money laundering is a precondition for most forms of criminal activity. By working to put an end to money laundering, we help create a safer society. Effective anti-money laundering (AML) and counter-terrorism financing (CTF) measures have top priority in DNB.

  • Good customer due diligence: Anti-money laundering is a field in which clear legal requirements are imposed on the financial services industry, not least relating to customer due diligence through the Know Your Customer (KYC) principle.
  • Nordic cooperation: Comprehensive regulatory requirements for documentation can be a source of extra work, especially for customers who have to comply with KYC requirements from several banks in several countries. In order to reduce this burden, DNB is working together with other Nordic banks to standardise and develop common solutions for this work. 

Secure and reliable IT systems

In a global context, Norway is a highly digitalised society, and the financial industry has been key in developing the solutions for e.g. payment and identification that most Norwegians use in their daily life. The majority of Norwegians are avid users of digital services and expect them to be available around the clock, all year round.  

This means that the need to secure the financial infrastructure against malicious attacks is a societal concern of the highest importance. DNB considers so-called cyber risk, or threats to the digital infrastructure, as one of the most serious threats to the financial system and to our society.  

DNB therefore spends a considerable amount of resources on securing both our own platforms and the Norwegian financial industry's common infrastructure. Moreover, we have an extensive cooperation with public authorities on civil protection and operational solutions for ensuring preparedness to combat cyber threats. Customers and society should be able to rest assured that their assets and their information are safe with DNB.  
 

The principal goal for DNB's efforts against financial crime is to reduce financial loss for our society, our customers and the bank, while maintaining the same level of trust in the bank's products and services. One of the ways we do this is by preventing the laundering of proceeds derived from criminal acts, thus helping to combat profit motivated crime.

DNB uses considerable resources to combat fraud and has zero tolerance for all forms of corruption. Everyone in DNB shall act in an open, transparent and accountable manner

Digitalisation and globalisation affect the development, have made it easier to commit mass fraud and cause rapid changes in the threat landscape. At the same time, transactions are increasingly expected to flow quickly and efficiently, also across national borders. The criminals who commit fraud are well organised, and the proceeds finance other serious crimes and terror.

In 2019, criminal groups adapted more to the Norwegian market than in previous years, and we are seeing methods specifically targeted at defrauding Norwegian bank customers.

DNBs advice for corporate customers on reducing fraud risk

All relevant threat assessments point out that fraud is one of the forms of crime people aremost likely to fall victim to. Even so we experience a lack of digital confidence and securityawareness.