Saxo Bank A/S

Saxo Bank A/S accepted an administrative fine of DKK 313 million from the Danish Financial Supervisory Authority in January 2026 for breaches of anti-money-laundering customer-due-diligence and ongoing-monitoring requirements. The regulator found deficiencies in information collected concerning the purpose and intended nature of customer relationships and in monitoring of White Label Client relationships from January 2021 to May 2023. Source: https://www.finanstilsynet.dk/tilsyn/inspektion-og-afgoerelser/2026/jan/administrativt-boedeforelaeg-til-saxo-bank-as

The Danish Financial Supervisory Authority found Saxo Bank's organization and procedures for product approval and governance of investment products and services inadequate. The authority said the bank had unclear governance, insufficient reporting, inadequate procedures for checking whether products were sold to the intended target market and too high a tolerance for mis-selling. In October 2023 the authority ordered Saxo Bank to establish adequate product-governance and approval procedures. Source: https://www.finanstilsynet.dk/tilsyn/inspektion-og-afgoerelser/2023/okt/saxo-bank_051023

Retten i Lyngby convicted Saxo Bank in October 2025 for deficient transaction reporting under MiFIR. The court found that from January 2018 through June 2021 the bank submitted incomplete or inaccurate transaction reports in at least 84 million instances and failed to submit required reports in another 10 million instances. The bank was also convicted for inadequate controls over the completeness, accuracy and timeliness of reporting and fined DKK 2 million. The judgment was not appealed and is final. Source: https://www.finanstilsynet.dk/tilsyn/inspektion-og-afgoerelser/2025/nov/dom-i-sag-om-transaktionsindberetninger-og-kontroller