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Regulatory Update

5th March 2019

Leaked Documents Point to Russian Money Laundering Network: Reports

Leaked documents indicate that Nordea Bank and other institutions processed billions of euros in suspicious transactions from a network of shell companies, Finnish television network Yle reported Monday. The data leak shows that 700 million euros flowed through the bank despite signs that at least some of the funds could likely… Read More

3rd March 2019

Investor Browder to file criminal complaint against Swedbank ‘soon’

Hermitage Capital’s founder Bill Browder said on Friday he plans to file criminal complaints with several authorities, including in Sweden, over Swedbank’s alleged link to a Baltic money laundering scandal involving Danske Bank. Browder, once the biggest foreign money manager in Russia and who now campaigns to expose corruption, has… Read More

26th February 2019

Swedbank replaces EY with forensic auditors to investigate money laundering report

Swedbank said on Tuesday it had hired external forensic auditors to investigate information in a media report linking the bank to a Baltic money laundering scandal, replacing recently appointed audit firm EY. Sweden’s public broadcaster alleged last week that money laundering could have occurred in relation to at least 40… Read More

21st February 2019

Estonia investigates alleged Swedbank link to money laundering scandal

Estonia is investigating allegations linking Swedbank to suspicious transactions in the country involving Danske Bank, Estonia’s state prosecutor said on Wednesday. Danske is being investigated in its home market of Denmark, Estonia, Britain, France and the United States over some 200 billion euros (174 billion pounds) in payments from Russia,… Read More

21st February 2019

Estonia orders Danske Bank to shut down following money laundering scandal

The Financial Supervision Authority of Estonia (FSA) has ordered Danske Bank’s local unit to cease operating and finalise its affairs within eight months, citing its financial crime scandal which revealed that €200 billion was allegedly laundered through its system. In a statement, the Estonian regulator said the bank would… Read More

14th February 2019

Estonia drops anti-money laundering legislation before election

Estonia’s parliament has dropped a proposed law that would have toughen rules on money-laundering, a parliamentary spokeswoman said on Wednesday. Lawmakers told Reuters they expect the proposal, drafted after a scandal involving Denmark’s Danske Bank, to be revived later this year following a March 3 general election. “The current parliament… Read More

13th February 2019

EU needs stronger anti-fraud curbs, lawmakers say, after Danske scandal

The European Union needs tougher anti-fraud controls including a central body able to enforce laws against money laundering, European lawmakers said on Friday, describing financial crime as as a security problem for the continent. Curbs should be more uniform across the EU and its framework for swapping financial intelligence is… Read More

12th February 2019

Deutsche cuts back correspondent banking after Danske scandal

Deutsche Bank has sharply scaled back its role as a correspondent bank, an executive said on Monday of a business line that has dragged it into a money laundering scandal involving Danske Bank. Deutsche Bank’s global correspondent banking portfolio is now around 40 percent smaller than it was in 2016,… Read More

7th February 2019

INSIGHT-Dirty money risks encroach on Estonia’s digital utopia

Estonia’s push to become a digital society has left it vulnerable to dirty money and sanction breaches, the country’s top banking regulator has warned. The Baltic state took centre stage in one of the largest-ever money laundering scandals last year – the Estonian branch of Danske Bank helped funnel money… Read More

6th February 2019

EU anti-fraud group heads for Estonia, Denmark to learn Danske Bank lessons

In the wake of Danske Bank’s money laundering scandal, an EU committee will visit Estonia and Denmark this week to meet regulators, prosecutors and the bank’s new management to discuss ways to crack down harder on fraud. Between 2007 and 2015, 200 billion euros ($228 billion) of suspicious payments from… Read More

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