Nordea
NRDBY
Financials
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Banking on Climate Chaos 2025: Nordea provided $1.3 B in fossil fuel financing in 2024 ($4.9 B total 2021–2024; ranked #53)
Nordea Bank was sanctioned by the European Central Bank on March 10, 2026, for breaching reporting requirements and the regulatory limit on large exposures. The ECB imposed a penalty of €2.26 million on its subsidiary, Nordea Finance Finland Ltd.
Separately, on August 30, 2024, the New York State Department of Financial Services (NYDFS) entered a $35 million consent order with Nordea to resolve an investigation into anti-money laundering (AML) compliance failures. The regulator cited the bank's implication in several global scandals, including the 2016 Panama Papers exposé. The consent order identified specific deficiencies, including noncompliance with international correspondent banking standards at its Luminor unit.
Research Sources
2 organizations
Related Exclusions
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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