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U.S. judge dismisses lawsuit against Danske Bank over money laundering scandal

A U.S. judge on Monday dismissed a lawsuit accusing Denmark’s Danske Bank A/S and four former top executives of defrauding shareholders by hiding and failing to stop widespread money laundering at its former Estonian branch. U.S. District Judge Valerie Caproni in Manhattan said shareholders in the proposed class action failed… Read More

Bankers who profited from Nordic hiring boom now in firing line

A few years ago, the biggest banks in one of the richest corners of the globe were adding thousands of jobs to a department that suddenly seemed more important than most others: compliance. But with headcount growing more than 10-fold in some cases, those same jobs are now at risk. Read More

Argentina confronts its multi-billion dollar offshore wealth problem

By Eli Moskowitz, OCCRP, 23 July 2020 OCCRP – As Argentina has been renegotiating its US$65 billion debt with foreign creditors, it is also grappling with the fact that up to six times that amount is believed to be held by its citizens and companies offshore. Repatriating a portion… Read More

11th June 2020

Denmark Toughens Demands for Banks’ Anti-Money Laundering Teams

Denmark is proposing greater independence and tougher qualifications for bankers hired to prevent money laundering as part of efforts to prevent a repeat of the Danske Bank A/S scandal. A new report by the country’s Financial Supervisory Authority says supervisory boards should be in routine, direct contact with… Read More

5th June 2020

Danske Creates Permanent Work-From-Home Option for Bankers

Staff at Denmark’s biggest bank will permanently be allowed to work from home a couple of times a week, after parts of its business thrived under the arrangement during the country’s lockdown. Danske Bank said on Thursday that the lessons it learned during the Covid-19 crisis “will have a… Read More

1st June 2020

Danish state prosecutor drops investigation of Danske Bank auditor EY

Denmark’s state prosecutor has dropped its investigation into whether accounting firm EY breached anti-money laundering laws in connection with its audit of Danske Bank, the Danish Business Authority said on Friday. Some 200 billion euros ($222.74 billion) in payments flowed through the non-resident portfolio of Danske’s Estonian branch between 2007… Read More

13th May 2020

Danish gambling regulator warns Winteq over AML failings

The Danish Gambling Authority (Spillemyndigheden) has ordered Bingo.dk operator Winteq to conduct a risk assessment for money laundering and terrorism financing after discovering its current processes had not been updated. Spillemyndigheden said Winteq should conduct a new assessment, focusing on its procedures related to the identification, evaluation and analysis of… Read More

30th April 2020

Nordic Noir: Understanding the Swedbank Saga

At times it can seem as if Swedbank’s recent history has been taken from the plot of a Nordic noir novel. There is a procedural bleakness to the Swedish bank’s money laundering scandal and a complexity to it all that does little to resolve the moral ambiguities of institutional malfeasance. Read More

29th April 2020

Coronavirus challenges could prompt delays to money-laundering investigations

By Sanne Wass, S&P Global Market Intelligence, 27 April 2020 Read more at S&P Global Market Intelligence Photo (cropped and edited): Finn Årup Nielsen [CC BY-SA 3.0] RiskScreen: Eliminating Financial Crime with Smart Technology… Read More

5th March 2020

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

4th March 2020

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

28th February 2020

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

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