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Finnish police decline to investigate Nordea complaint

Finnish police have declined to investigate an allegation of money laundering at Nordea made by anti-corruption campaigner Bill Browder’s Hermitage Capital, citing lack of jurisdiction and the statute of limitations. Hermitage Capital Management Ltd requested an investigation last October into transfers of funds to corporate customer accounts at Nordea from… Read More

EU Recommends AML Measures for Six Countries

The European Commission on Wednesday called on six EU member-states to bolster their anti-money laundering (AML) supervisory and enforcement efforts in light of recent bank scandals and the risks of crypto-assets. The requests highlight recent efforts by Denmark, Estonia, Latvia, Bulgaria, Sweden and Malta… Read More

Former Top Banking Regulator Charged for Danske Money Laundering: FT

Danish prosecutors have charged the former chairman of Denmark’s Financial Supervisory Authority (FSA) in connection with Danske Bank’s €200 billion money laundering scandal, the Financial Times reported. Law enforcement officials indicted Henrik Ramlau-Hansen, and raided his home, over allegations that the former FSA chairman failed to prevent illicit transactions while serving… Read More

13th May 2019

Nordic banks pool resources to fight money laundering

The Nordic region’s six major banks are joining forces to set up a customer checking center to crack down on money launderers, part of efforts to recover from a scandal that has shaken confidence in the finance industry. Danske Bank and Swedbank have lost billions from their market value after… Read More

13th May 2019

Danske Bank picks ex-ABN banker as CEO to rebuild trust

Danske Bank hired former ABN AMRO banker Chris Vogelzang as its new chief executive on Friday as it wrestles to limit the fallout from its involvement in one of the biggest money laundering scandals. Denmark’s biggest lender is being investigated in Denmark, the United States, Britain and the Baltics after… Read More

10th May 2019

Sweden’s Loomis investigating money laundering allegations

Loomis AB said it would investigate allegations it played a role in a Danish money laundering scandal, the Swedish cash-handling company said on Thursday. At its annual general meeting a day earlier a journalist from Denmark’s TV2 alleged that Loomis was implicated because it had cooperated with a foreign exchange… Read More

9th May 2019

Ten former Danske Bank managers charged over Estonia case: Berlingske

Danish prosecutors have charged 10 former Danske Bank managers over their suspected involvement in one of the world’s biggest money laundering scandals, newspaper Berlingske reported on Wednesday, citing unidentified sources. The charges relate to a case involving some 200 billion euros ($224 billion) of suspicious transactions that passed through Danske… Read More

9th May 2019

Danske Bank Hires Morgan Stanley Director to Lead Financial Crime Unit

Danske Bank has hired Morgan Stanley’s Satnam Lehal to lead its financial crime unit amid allegations that the institution played a prominent role in one of the largest money laundering scandals in recent years. Lehal, 41, has served as a managing director and international head of financial crime at Morgan… Read More

8th May 2019

Former Danske Bank CEO Borgen charged over Estonia case: report

Danish prosecutors have charged Thomas Borgen, former chief executive of Danske Bank, over his involvement in one of the world’s biggest money laundering scandals, newspaper Borsen reported on Tuesday, citing his lawyer. Borgen is the first person to be charged in a case that involves suspicious transactions of some 200… Read More

2nd May 2019

Nordic Banks Cite Money Laundering Costs in Q1 Results

Two of Europe’s largest banks on Tuesday blamed Russian money laundering scandals for their lackluster performances in the first quarter of 2019, and promised to do more to prevent compliance lapses going forward. Helsinki-based Nordea Bank said in its Q1 results that it had set aside €95 million to account… Read More

2nd May 2019

Danske Bank’s Other Legal Problems

KYC360 readers will be aware of the world’s largest money laundering scandal involving the Estonian branch of Danske Bank (“Danske”), which faces allegations that up to €200 billion in criminal proceeds, primarily from Russia, passed through its accounts. Understandably, the bank’s lawyers have their hands full engaging with criminal prosecutors… Read More

1st May 2019

Supervisors ignored Russian warnings over money laundering at Danske – document

Russia’s Central Bank sent warnings in 2007 and 2013 to Estonian and Danish financial supervisors over suspect transactions worth billion of dollars at the Estonian branch of Danske Bank but they were largely ignored, a confidential EU document shows. The EU paper, seen by Reuters, is the outcome of an… Read More

1st May 2019

EBA Decision to Drop Danske Bank Probe Draws Calls for EU Legislation

The European Commission’s top policymaker for the financial services sector has called for the EU to adopt new legislation in response to a decision earlier this month to close a bloc-wide investigation into the supervision of Danske Bank, the Financial Times reported. The European Banking Authority (EBA) voted on 16 April… Read More

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