Danske Bank’s Other Legal Problems
2nd May 2019
Danske Bank’s Other Legal Problems
KYC360 readers will be aware of the world’s largest money laundering scandal involving the Estonian branch of Danske Bank (“Danske”), which faces allegations that up to €200 billion in criminal proceeds, primarily from Russia, passed through its accounts. Understandably, the bank’s lawyers have their hands full engaging with criminal prosecutors… Read More
Supervisors ignored Russian warnings over money laundering at Danske – document
1st May 2019
Supervisors ignored Russian warnings over money laundering at Danske – document
Russia’s Central Bank sent warnings in 2007 and 2013 to Estonian and Danish financial supervisors over suspect transactions worth billion of dollars at the Estonian branch of Danske Bank but they were largely ignored, a confidential EU document shows. The EU paper, seen by Reuters, is the outcome of an… Read More
EBA Decision to Drop Danske Bank Probe Draws Calls for EU Legislation
1st May 2019
EBA Decision to Drop Danske Bank Probe Draws Calls for EU Legislation
The European Commission’s top policymaker for the financial services sector has called for the EU to adopt new legislation in response to a decision earlier this month to close a bloc-wide investigation into the supervision of Danske Bank, the Financial Times reported. The European Banking Authority (EBA) voted on 16 April… Read More
EU banking watchdog clears Estonian, Danish regulators over Danske Bank
18th April 2019
EU banking watchdog clears Estonian, Danish regulators over Danske Bank
The European Union banking watchdog said on Wednesday that its investigation into financial regulators in Estonia and Denmark in relation to suspected money laundering activities by Danske Bank did not find any breach of EU law. Danish and Estonian financial regulators have publicly blamed each other for the Danske Bank… Read More
Council of Europe Urges Swift Action on Money Laundering, Citing Baltics and UK
15th April 2019
Council of Europe Urges Swift Action on Money Laundering, Citing Baltics and UK
European lawmakers are urging financial institutions and governments to address dozens of legal and supervisory shortcomings they say contributed to the proliferation of massive money laundering schemes in recent years. In a resolution adopted Thursday, the Council of Europe’s Parliamentary Assembly said that recent money laundering schemes linked to… Read More
Estonian watchdog says unacceptable clients remain in banking system
11th April 2019
Estonian watchdog says unacceptable clients remain in banking system
Unacceptable clients remain in the Estonian banking system despite tougher regulation, the country’s financial watchdog said on Wednesday, adding that some lenders will be placed under detailed monitoring. The move by Estonia’s Financial Supervisory Authority (FSA) follows a special review of the country’s 16 banks, instigated after 200 billion euros… Read More
ECB looking into Swedbank’s Estonian operations – Swedish newspaper
11th April 2019
ECB looking into Swedbank’s Estonian operations – Swedish newspaper
The European Central Bank (ECB) is looking into Swedbank’s Estonian operations, Swedish daily Dagens Nyheter reported on Wednesday, citing an undisclosed source. The ECB wants to know how well Swedbank’s Estonian subsidiary kept itself informed about its customers, the paper said, citing the source. The newspaper also reported, citing the… Read More
Nordic trust tarnished by money laundering scandal
4th April 2019
Nordic trust tarnished by money laundering scandal
Money laundering allegations involving Sweden and Denmark have shattered faith in the open Nordic business culture, prompting demands for tighter controls on the banks held responsible. Ranked among the least corrupt countries by anti-graft campaign group Transparency International, Sweden and Denmark have been rocked by investigations into Danske Bank and… Read More
Browder files criminal complaint against Swedbank in Estonia
4th April 2019
Browder files criminal complaint against Swedbank in Estonia
Estonia’s State Prosecutor has received a criminal complaint against Swedbank brought by investor Bill Browder, and will decide whether to begin an investigation into the money laundering allegations within the next 10 days, a spokeswoman for the prosecutors’ office said on Wednesday. Swedbank is embroiled in a money-laundering scandal involving… Read More
Swedbank report shows it failed anti-money laundering obligations – Swedish TV
27th March 2019
Swedbank report shows it failed anti-money laundering obligations – Swedish TV
An internal Swedbank report identified major breaches of anti-money laundering obligations involving its business in Estonia, Swedish public broadcaster SVT said on Tuesday after having obtained a copy. Swedbank said the draft report cited by SVT had been included in a wider external investigation which it announced last week and… Read More
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