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Danske wields risk axe after Estonia money laundering scandal

In an era when compliance heads have unprecedented importance in banking, there is perhaps no other major financial institution in the world where the role is quite as crucial as it is at Danske Bank. Philippe Vollot became the Danish lender’s new chief compliance officer in November last year, just… Read More

Estonian prosecutor seizes 2 million euros from former Danske Bank employee

Estonian prosecutors said on Friday that last month they had ordered a local court to seize around 2 million euros ($2.24 million) from a bank account belonging to a former Danske Bank employee as part of an investigation into alleged money laundering. The money was sitting in a Latvian bank… Read More

Danske’s Bid to Block U.S. Class Action Lawsuit Hits Obstacle

A U.S. class action lawsuit against the Danish bank at the center of Europe’s biggest money laundering scandal is set to continue after a court denied as moot a request to dismiss the case. Danske Bank A/S must respond to an amended investor complaint by mid-September, according to an… Read More

23rd July 2019

Have a Good Idea for Danske Bank? Email the CEO. Seriously

The new chief executive officer of Danske Bank A/S says he wants anyone with good ideas about how to run his firm to contact him. About 1 1/2 years after Danske was slammed by its financial regulator for having a culture that… Read More

22nd July 2019

Sweden’s Loomis finds failings in money laundering oversight

Swedish cash-handling firm Loomis AB (LOOMb.ST) reported flaws in its anti-money laundering oversight on Friday and vowed to fix them. Loomis launched an investigation into its operations in May after a journalist alleged it was implicated in a Danish money laundering scandal involving foreign exchange agencies. Danish authorities… Read More

22nd July 2019

Nordic Banks Pinched by Anti-Money-Laundering Compliance Costs

Efforts to improve anti-money-laundering controls continue to weigh on the financial results of Nordic banks, which have faced allegations in recent months of moving dirty money. The region’s largest lenders— Swedbank AB, Nordea Bank ABP and Danske Bank A/S—said this week that investments in new compliance systems and… Read More

10th July 2019

Danske Bank hires compliance officer from HSBC

Danske Bank (DANSKE.CO), entangled in a massive money laundering scandals, has appointed Simon Kingsbury as head of surveillance and investigation from HSBC (HSBA.L), the bank’s head of compliance Philippe Vollot wrote on LinkedIn. Kingsbury, who will join Danske Bank on July 15, will report to Vollot… Read More

9th July 2019

Danske Bank cuts outlook on weak trading, higher costs

Danske Bank (DANSKE.CO) on Monday cut its 2019 earnings forecast for the second time as a tough trading environment and higher costs to combat money laundering weighed on the troubled bank. The profit warning comes as Danske Bank tries to restore trust among investors and customers after last… Read More

8th July 2019

Nordic banks join forces to combat money laundering

The Nordic region’s six major banks announced the creation of a customer checking center on Friday, with the initiative expected to help their efforts to crack down on money launderers and recover from a scandal that has damaged the sector’s reputation. The news confirms a Reuters report about the venture,… Read More

5th July 2019

Danske Whistleblower Claims Bank Sought to ‘Discredit’ Him with Probe: FT

A Danske Bank whistleblower has requested a criminal investigation into the Danish lender for allegedly seeking to “discredit” him through an internal probe, the Financial Times reported Thursday. The US-based attorney for Howard Wilkinson told the newspaper that he had contacted Danish prosecutors on Wednesday requesting a probe… Read More

25th June 2019

Danske Bank ousts former interim CEO after customers overcharged

Danske Bank has dismissed its former interim chief executive Jesper Nielsen after thousands of Danish customers were overcharged for an investment product, a first step by its new boss to restore trust in the troubled lender. The case, which the Danish financial services authority called “very serious”, is another blow… Read More

18th June 2019

Nordea’s Danish headquarters searched as part of money laundering investigation

The Danish headquarters of Nordea was searched last week by Denmark’s state prosecutor in relation to a money-laundering investigation into the bank, a Nordea spokesman told Reuters. The Danish prosecutor has been investigating the Nordic region’s biggest lender in relation to money laundering risks since June 2016. Nordea took a… Read More

18th June 2019

Nordic Banks Look to Machine Learning to Fill Compliance Roles: Report

The market for anti-money laundering (AML) compliance jobs may be on the rise in Nordic countries, but don’t count on that trend continuing. Advances in technology could render many compliance roles at Nordea Bank and Danske Bank obsolete, Bloomberg reported Monday. While Helsinki-based Nordea Bank relies on hundreds of employees to help… Read More

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