Norway regulator finds 'insufficient' money laundering controls at DNB

People leave DNB bank's local office in Riga November 20, 2013. REUTERS/Ints Kalnins (LATVIA - Tags: BUSINESS)

OSLO (Reuters) - Norwegian bank DNB DNB.OL does not have sufficient systems in place to combat money laundering, the country's Financial Supervisory Authority (FSA) said on Friday.

“Compliance with anti money laundering in the business division remains insufficient,” the watchdog wrote in a letter to DNB published on the FSA’s website which followed an audit by the regulator.

“The FSA expects management and the board to ensure that this work is prioritized,” it said.

A DNB spokesman said the bank gives high priority to fighting economic crime, while adding that the FSA audit had not uncovered any concrete examples of money laundering taking place.

The letter was first reported by business daily Dagens Naeringsliv.

Reporting by Ole Petter Skonord. Editing by Jane Merriman