Copenhagen based Retail FX and CFDs broker Saxo Bank has been issued one of the largest fines we can recall involving an industry participant, with the Danish Financial Supervisory Authority hitting Saxo with a DKK 313 million (USD $49.8 million) penalty.

Based on a press release put out by Finish investment outfit Mandatum, which is in process of selling its 19.83% stake in Saxo Bank as part of a takeover of the company by the Safra Group, the fine was issued due to an inspection focused on the anti-money laundering (AML) area. The inspection did not find any instances or signs of actual money laundering.

Mandatum also indicated that its share of the original purchase price (approximately €319 million) might be subject to a downward adjustment, as a result of the fine. The parties to the transaction had agreed on an indemnity mechanism, according to which the cost of a possible administrative fine will impact the value of Saxo Bank’s shares. In accordance with the share purchase agreement, the proportionate deduction due to the impact of the administrative fine to the purchase price to be received by Mandatum in connection with the closing of the transaction is approximately €8 million.

The sale of Saxo Bank, first announced in March 2025, is still subject to regulatory approvals. Mandatum said it expects that the transaction will be completed in early 2026.

Saxo Bank’s Hong Kong unit, Saxo Capital Markets HK Limited, was also fined $4 million earlier this month for regulatory breaches.