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Estonia orders Danske Bank to shut down following money laundering scandal

The Financial Supervision Authority of Estonia (FSA) has ordered Danske Bank’s local unit to cease operating and finalise its affairs within eight months, citing its financial crime scandal which revealed that €200 billion was allegedly laundered through its system. In a statement, the Estonian regulator said the bank would… Read More

EU needs stronger anti-fraud curbs, lawmakers say, after Danske scandal

The European Union needs tougher anti-fraud controls including a central body able to enforce laws against money laundering, European lawmakers said on Friday, describing financial crime as as a security problem for the continent. Curbs should be more uniform across the EU and its framework for swapping financial intelligence is… Read More

Deutsche cuts back correspondent banking after Danske scandal

Deutsche Bank has sharply scaled back its role as a correspondent bank, an executive said on Monday of a business line that has dragged it into a money laundering scandal involving Danske Bank. Deutsche Bank’s global correspondent banking portfolio is now around 40 percent smaller than it was in 2016,… Read More

11th February 2019

France investigates Danske Bank over €22 million money laundering

The Tribunal de Grande Instance de Paris in France has launched an official investigation into Danske Bank regarding suspicion of money laundering linked to its non-resident customers portfolio. The probe covers transactions amounting to around €21.6 million. anske has been ordered to post bail of €10.8 million. The… Read More

7th February 2019

INSIGHT-Dirty money risks encroach on Estonia’s digital utopia

Estonia’s push to become a digital society has left it vulnerable to dirty money and sanction breaches, the country’s top banking regulator has warned. The Baltic state took centre stage in one of the largest-ever money laundering scandals last year – the Estonian branch of Danske Bank helped funnel money… Read More

6th February 2019

EU anti-fraud group heads for Estonia, Denmark to learn Danske Bank lessons

In the wake of Danske Bank’s money laundering scandal, an EU committee will visit Estonia and Denmark this week to meet regulators, prosecutors and the bank’s new management to discuss ways to crack down harder on fraud. Between 2007 and 2015, 200 billion euros ($228 billion) of suspicious payments from… Read More

6th February 2019

Danske Bank to invest $300 million in anti-money laundering, comlpiance

Scandal-hit Danske Bank is looking to invest up to DKK 2 billion (about $306 million) on its financial crime prevention efforts following headline-hitting allegations that it may have been used to launder €200 billion. The bank’s troubles are centred around the non-resident portfolio at its Estonian branch, where it said… Read More

4th February 2019

European bank wins Top Crime Prize over money laundering scandal

Denmark’s top lender Danske Bank has been named the winner of the 2019 Corrupt Actor of the Year over its €200 billion money laundering affair exposed in 2018, and which was considered to the biggest scandal in Europe. Details of the stunning banking scandal were made bare in… Read More

1st February 2019

Watchdog fight erupts in Danske Bank scandal blame game

Danish and Estonian financial regulators are blaming each other for the Danske Bank money laundering scandal, which has highlighted the need for better cross-border surveillance. Denmark’s largest lender is being investigated in Denmark, Estonia, Britain and the United States over 200 billion euros ($229 billion) of suspicious payments through its… Read More

24th January 2019

U.S. Fed investigating Deutsche’s role in Danske money laundering – Bloomberg

The U.S. Federal Reserve is investigating Deutsche Bank’s role in a money laundering scheme that has embroiled both it and Denmark’s Danske Bank, Bloomberg reported on Wednesday. Bloomberg, citing unnamed people familiar with the matter, said that the Fed’s investigation was at an early stage. – By Tom Sims and… Read More

23rd January 2019

Money laundering: Danske faces new investor lawsuit threat

Litigation funder IMF Bentham (IMF.AX) has teamed up with legal experts Quinn Emanuel and Njord Law Firm and plans to file a shareholder lawsuit against Danske Bank (DANSKE.CO) by July over a 200 billion euro ($230 billion) money laundering scandal. IMF’s European subsidiary, IMF Litigation Funding Services Limited (IMF LFS),… Read More

11th January 2019

Danske Bank, ex-CEO are sued in U.S. over money laundering scandal

Danske Bank A/S and four former top executives were sued on Wednesday by a U.S. shareholder that accused Denmark’s largest bank of defrauding investors and inflating its share price by hiding and failing to stop widespread money laundering at its Estonian branch. The complaint was filed in the U.S. District… Read More

11th January 2019

Investor Browder asks France to investigate Danske in Magnitsky case

Bill Browder, founder and CEO of investment fund Hermitage Capital Management, said on Thursday he had asked French authorities to investigate Danske Bank over alleged money laundering, rather than treating it as a witness. Danske Bank (DANSKE.CO) is already under investigation by authorities in Denmark, Estonia, Britain and the United… Read More

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