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U.S. targets insurers in latest round of Nord Stream 2 sanctions

The U.S. is drawing up additional sanctions on the Nord Stream 2 natural gas pipeline project, the latest obstacle in the path of the 9.5 billion-euro ($11.2 billion) Russia-to-Germany link that’s been halted almost a year. House and Senate negotiators agreed to target insurers and technical certification companies working on… Read More

CCO Philippe Vollot has a plan for Danske Bank’s compliance reboot

The past three years have not been kind to Danske Bank. In 2017, Denmark’s biggest lender found itself at the center of allegations that have since given the organization the dubious honor of being responsible for the world’s third largest money-laundering scandal. No one has yet to put a final… Read More

Danske scandal reveals top-down culture that silenced bankers

The bank at the center of Europe’s worst ever money laundering scandal has yet to fully address the corporate culture issues that led it astray in the first place. That’s according to the watchdog that oversees Danske Bank A/S. Denmark’s biggest bank spent years locked in a top-down hierarchy… Read More

23rd September 2020

Danish watchdog tells Handelsbanken to improve customer oversight

Denmark’s financial watchdog on Tuesday ordered Handelsbanken to improve oversight of customers at its Danish branch after a review had found elevated risks of the branch being misused for money laundering and terrorist financing. The review, commissioned by the regulator, which took place between October and December last year, found that… Read More

22nd September 2020

Inside scandal-rocked Danske Estonia and the shell-company ‘factories’ that served it

By Simon Bowers, Karrie Kehoe and Holger Roonemaa, ICIJ, 21 September 2020 ICIJ — The Estonian banker was frantic: A whistleblower inside the bank suspected nine anonymous companies — all registered in the United Kingdom — of serious financial crimes and was threatening to go to authorities. “The whistleblower demands… Read More

25th August 2020

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

27th July 2020

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

24th July 2020

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

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EU budget deadlock will hamper crime fight, EPPO warns

Pope Francis’s Plan to Fix the Vatican’s Finances Meets Internal Resistance