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Danske Bank Profit Slumps After Money-Laundering Scandal

Danske Bank A/S expects its profits to plunge this year as Denmark’s biggest lender continues to grapple with the consequences of its money-laundering scandal. Net profit for 2020 will be between 8 billion kroner ($1.18 billion) and 10 billion kroner, compared with 15.1 billion kroner in 2019, the Copenhagen-based… Read More

Denmark seizes Sanjay Shah’s mansion over £1.5bn fraud claim

Danish police have seized the central London mansion of a multimillionaire British businessman accused of defrauding Danish taxpayers of £1.5 billion. A spokesman for Sanjay Shah, a former hedge fund boss, confirmed that his £14.7 million property near Hyde Park had been expropriated. Mr Shah lives in Dubai. Yesterday… Read More

Danske Bank may escape US fine in money-laundering fallout

It could be difficult for U.S. authorities to fine Danske Bank A/S for its involvement in a multibillion-dollar money-laundering scandal in the Baltics, according to legal experts speaking to S&P Global Market Intelligence. In previous money-laundering cases, U.S. authorities have issued penalties under regulation that only covers U.S.-licensed banks, making… Read More

31st January 2020

Danske’s EY Auditors Face Disciplinary Action for Failures

Denmark’s business watchdog said it has brought two auditors before a disciplinary board after concluding they violated regulations while reviewing Danske Bank A/S, the lender caught up in Europe’s biggest money laundering scandal. The Danish Business Authority said the auditors’ work on the bank’s 2014 financial statements “was… Read More

27th January 2020

Danish authorities struggling with surge in suspicious money flows

Reports of suspicious transactions submitted by banks and betting firms in Denmark have increased tenfold in recent years, straining anti-money laundering authorities which drew heavy criticism on Friday from a state auditor. Banks across the Nordic region are facing increasing scrutiny by regulators after a string of money laundering scandals,… Read More

20th January 2020

Western Advisers Helped An Autocrat’s Daughter Amass And Shield A Fortune

Pausing at the entrance to a star-studded bash at the Cannes Film Festival, ’90s icon Sharon Stone flashed her one-of-a-kind cuff bracelet. It was a wraparound hippo with rubies for eyes, sapphire nostrils and white diamond teeth. Its body was covered in brown, gray and white diamonds. The dazzling ornament… Read More

17th January 2020

Estonia expands Danske laundering probe to cover up to $2 billion of transfers

Estonian authorities have expanded their investigation into alleged money laundering through Danske Bank’s (DANSKE.CO) local branch to cover transfers of up to $2 billion, the Estonian prosecutor said on Thursday. Widening of the investigation in Estonia adds to pressure on Danske Bank, as the lender and its investors await… Read More

16th January 2020

In Europe’s Dirty Money Scandals, Bill Browder Sees Wilful Blindness

Officials in the United Kingdom and bankers throughout Scandinavia turned a blind eye to the influx of illicit Russian funds linked to Europe’s biggest money laundering scandals, according to a British financier and anti-corruption activist. In a recent interview for KYC360’s AML Talk Show, Bill Browder spoke to host… Read More

15th January 2020

Russian Billionaire Loses Lawsuit Against Nordic Banks

A group of Nordic banks that had been sued by a Russian oligarch aren’t required to accept his business, in what may prove to be a landmark ruling by a court in Finland. Russian billionaire Boris Rotenberg, an associate of President Vladimir Putin, lost his lawsuit against four Nordic… Read More

13th January 2020

A Russian Billionaire Is Threatening Nordic Banks’ Dollar Access

Should banks be forced to accept a client who could be on the wrong side of the law? A court in Finland is about to decide the answer to that question, and its verdict may have far-reaching implications. Russian billionaire Boris Rotenberg is suing four Nordic banks for not doing… Read More

13th January 2020

Danske’s Cost Burden Keeps Growing in an Age of Bank Scandals

At Danske Bank A/S, the cost of adapting to a world intensely focused on financial crime just keeps growing. In an interview in Stockholm, the chief executive of Danske in Sweden, Johanna Norberg, said “the peak” level of investment to meet anti-money laundering requirements has “not yet been reached.”… Read More

7th January 2020

Danske Faces $2 Billion in Fines for Laundering Case, Jyske Says

Danske Bank A/S probably will be fined around 13.5 billion kroner ($2 billion) this year by authorities in Denmark, the U.S. and the U.K. as investigations into Europe’s biggest money laundering scandal draw to a close, according to estimates by Jyske Bank. Danske has admitted that a large… Read More

24th December 2019

Swedbank says there was risk it was used to launder money in Baltic

Sweden’s Swedbank repeated on Friday that there was a risk it had been used to launder money, in a response to requests for comment by the Estonian and Swedish financial watchdogs on their separate probes into the bank. Sweden’s oldest retail bank dismissed its CEO earlier this year and accepted… Read More

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