Case against DNB: Customer won in court

In April 2021, DNB was fined NOK 400 million by the Norwegian Financial Supervisory Authority due to deficiencies in
its anti-money laundering routines.

Since then, DNB has intensified its work on customer identification and control (KYC). This escalation appears to have had unintended consequences for some customers, in that DNB has terminated several customer relationships as part of this money laundering effort.

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Customer won in court

We have assisted several customers in cases against DNB, where DNB has terminated the customer relationship because they believe that the customers do not comply with money laundering regulations to a sufficient extent.

We recently assisted a business owner in Oslo District Court in a case against DNB, where DNB had terminated the customer relationship because they believed that satisfactory customer checks could not be carried out in accordance with the Money Laundering Act. Among other things, it was pointed out that our customer had acquired property in Dubai about 10 years ago and that the customer did not know the origin of the money. A lawsuit was filed against DNB with a claim that DNB's decision to terminate was invalid.
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After two years of fighting, DNB withdrew the termination and we were awarded full legal costs by the court.

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The bank's responsibility and the serious consequences for customers

DNB has the competence and authority to terminate companies and individuals and thus terminate the customer relationship with a bank. With this authority comes great responsibility. Losing a bank account/bank connection can have unforeseen consequences for a company. In the worst case, such a decision can mean the end of a company.

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Malpractice and the need for legal assistance

It seems that many customers have become an unintended victim of DNB's increased focus on KYC activities, where the bank's need to demonstrate action has come at the expense of correct case management.
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We therefore recommend that you engage a lawyer to go into detail about the basis for a termination. Please contact us for a free consultation with one of our experienced lawyers!