07 Jan 2019
Karsten Dybvad is putting on a brave face. Danske Bank’s new chairman recently insisted that the Copenhagen-based lender did not face an “existential crisis”, despite helping clients launder up to 200 billion euros between 2007 and 2015 via a Baltic subsidiary.
In 2019 that will be put to the test. Over the past year U.S. lawmakers have ramped up regulatory pressure on foreign lenders that fall foul of anti-money laundering (AML) guidelines and sanctions violations.
They have already pushed the closure of two European banks this year, Latvia’s ABLV and Malta’s Pilatus.
The fact Danske acknowledges that around 46 billion euros in suspicious funds came from Russia raises the possibility some may have originated from sanctioned individuals, raising the stakes yet further.
– By Christopher Thompson, Reuters, 4 January 2019.
Link to Reuters.
Photo: Danske Bank, Lithuania.
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