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EU banking watchdog clears Estonian, Danish regulators over Danske Bank

The European Union banking watchdog said on Wednesday that its investigation into financial regulators in Estonia and Denmark in relation to suspected money laundering activities by Danske Bank did not find any breach of EU law. Danish and Estonian financial regulators have publicly blamed each other for the Danske Bank… Read More

Danske Bank auditor EY reported to fraud squad over 2014 report

Accountant EY’s audit of scandal-hit Danske Bank came under scrutiny on Friday as Danish authorities asked the state prosecutor for financial fraud to investigate the matter. Danske Bank is under investigation in the United States, Denmark, Estonia, France and Britain over payments from Russia, ex-Soviet states and elsewhere. It has… Read More

Council of Europe Urges Swift Action on Money Laundering, Citing Baltics and UK

European lawmakers are urging financial institutions and governments to address dozens of legal and supervisory shortcomings they say contributed to the proliferation of massive money laundering schemes in recent years. In a resolution adopted Thursday, the Council of Europe’s Parliamentary Assembly said that recent money laundering schemes linked to… Read More

4th April 2019

Nordic trust tarnished by money laundering scandal

Money laundering allegations involving Sweden and Denmark have shattered faith in the open Nordic business culture, prompting demands for tighter controls on the banks held responsible. Ranked among the least corrupt countries by anti-graft campaign group Transparency International, Sweden and Denmark have been rocked by investigations into Danske Bank and… Read More

28th March 2019

Denmark to bolster financial regulator after Danske scandal

Denmark’s financial watchdog will get more money, staff and powers under a deal agreed by lawmakers on Wednesday aimed at strengthening efforts to tackle finance crime in the wake of a money laundering scandal at the country’s biggest bank. However, Danish business minister Rasmus Jarlov said it could take “a… Read More

20th March 2019

Danske Bank investors seek $475 million in damages over money laundering scandal

Two U.S. law firms have filed a lawsuit against Danske Bank on behalf of institutional investors over a 200 billion euro ($227 billion) money laundering scandal. Grant & Eisenhofer P.A. and DRRT filed the lawsuit in Copenhagen on behalf of investors from 19 countries, asserting “fraud claims stemming from a… Read More

19th March 2019

Danske Bank executives waive 2018 bonuses after scandal

Former and current members of Danske Bank’s executive board have waived bonuses for 2018 because of the money laundering scandal linked to the bank’s Estonian branch. Danske Bank is under investigation in the United States, Denmark, Estonia, France and Britain over 200 billion euros ($226 billion) in payments that were… Read More

18th March 2019

Swedbank report showed $10 billion ‘suspicious’ Baltic payments: Swedish TV

An internal Swedbank report in September detailed “suspicious” transactions totaling around $10 billion between customers of Swedbank and Danske Bank in the Baltics from 2007 to 2015, Swedish state television SVT reported. Swedbank said on Friday the figure reported by SVT was the gross amount of transactions with Denmark’s Danske… Read More

15th March 2019

Danish watchdog checks SEB branch for money laundering risks

Denmark’s financial watchdog said on Wednesday a Danish branch of Swedish bank SEB should obtain additional information on customers associated with high money-laundering risk as part of a check-up on the bank. “The Financial Supervisory Authority (FSA) estimates that the branch’s inherent risk of being misused for money laundering or… Read More

8th March 2019

Scandals turn compliance staff into ‘rock stars’ of Nordic banking

Compliance and anti-money laundering staff are in hot demand in the Nordic financial sector following tougher regulations and a string of scandals involving the region’s top banks Danske Bank, Nordea and Swedbank. Compliance officers ensure banks meet industry regulations that have mushroomed since the financial crisis a decade ago, and… Read More

7th March 2019

Sweden studies Swedbank complaint by anti-corruption investor Browder

Bill Browder, an investor who campaigns to expose corruption, has filed a criminal complaint with Swedish authorities over Swedbank’s alleged link to a Baltic money laundering scandal involving Danske Bank. Several European and foreign banks have been dragged into the Danske Bank scandal, which centers on suspicious transactions totaling 200… Read More

22nd February 2019

Money laundering: US financial regulator launches investigation into Danske Bank

The US Securities and Exchange Commission (SEC) has launched an investigation into Danske Bank over possible money laundering, following the publication of details of the €200 billion scandal last year, the lender said. The SEC probe comes after the US Department of Justice also launched a criminal investigation regarding the… Read More

22nd February 2019

Sweden, Estonia to jointly probe Swedbank over alleged money laundering

Swedish and Estonian finance watchdogs have opened a joint investigation into allegations that Swedbank played a role in the Baltic money laundering involving Danske Bank, the two supervisory bodies said on Thursday. A Wednesday Swedish TV report alleged that money laundering could have occurred in relation to at least 40… Read More

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