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Danish FSA files criminal complaint against Saxo Bank

Denmark’s financial supervisory authority has reported Saxo Bank to the police for insufficient reporting of financial instrument transactions. ”This is a case we take very seriously,” states the head of compliance and risk.

Photo: PR/Saxo Bank

Inadequate transaction reporting and lack of oversight have prompted the Danish financial supervisory authority, Finanstilsynet, to file a criminal complaint with the country’s police, Saxo Bank reports in a press statement.

The agency has reported Saxo Bank to the police regarding the bank’s practices during the period from Jan. 3, 2018, when the Markets in Financial Instruments Regulation came into force, to June 30, 2021, for having failed to comply with the company’s obligation to provide timely and precise reporting on transactions pursuant to MiFIR, the bank writes.

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