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Dutch Banks Given Green Light for Joint AML Investigations

Plans by lenders in the Netherlands to tackle complex international money-laundering schemes together have won support from regulators following a seven-month investigation to assess the Dutch financial sector’s exposure to the scandal that engulfed Danske Bank Estonia. De Nederlandsche Bank, or DNB, wrapped up the investigation in December after pinpointing… Read More

World’s Largest Wealth Fund Reveals Talks With Danske on Laundering Case

Danske Bank A/S was among 14 lenders singled out for talks by the world’s biggest wealth fund last year to find out whether it’s doing enough to prevent another money laundering scandal. Carine Smith Ihenacho, chief corporate governance officer at Norway’s $1.1 trillion investing behemoth, said the fund is targeting… Read More

Danske Board Is Slammed After Hiking Its Pay Amid Staff Cuts

The Danish bankers’ union has lambasted Danske Bank A/S after its supervisory board sought to raise its own pay shortly before the lender announced hundreds of job cuts. Denmark’s biggest bank, which is dealing with a spike in compliance costs amid investigations into money laundering, said on Thursday it’s getting… Read More

24th February 2020

Danske Bank Investors Target Former CEO Seeking $387 Million

The ousted chief executive of Danske Bank A/S, Thomas Borgen, has been personally targeted in an investor lawsuit arguing he withheld information about potential money laundering that subsequently destroyed the lender’s market value. Deminor, a Brussels-based law firm, said on Friday it has filed a legal complaint against Borgen on… Read More

21st February 2020

Former Danish social worker convicted of massive fraud

A former employee of Denmark’s social services was sentenced to six and half years in prison on Tuesday for embezzling millions in funds, meant for people in need, over decades. Britta Nielsen, 65, was accused of diverting 117 million Danish kroner (15.7 million euros) between 1993 and 2018 from the… Read More

18th February 2020

Wall Street Targets the Nordics After Latest Spike in Wealth

One of the world’s richest corners has become a magnet for a growing number of Wall Street firms. The Nordic countries — best known for their universal welfare models and domination of world happiness rankings — now have a surplus of cash after years of central bank stimulus. That’s prompting… Read More

6th February 2020

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

4th February 2020

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

31st January 2020

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

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