Danske Bank Hires Morgan Stanley Director to Lead Financial Crime Unit
09 May 2019

Danske Bank has hired Morgan Stanley’s Satnam Lehal to lead its financial crime unit amid allegations that the institution played a prominent role in one of the largest money laundering scandals in recent years.

Lehal, 41, has served as a managing director and international head of financial crime at Morgan Stanley’s London operations since April 2009 and has most recently overseen the institution’s anti-financial crime efforts in Europe, the Middle East, Africa and Asia, according to a statement by Danske Bank and Lehal’s social media profile.

Lehal, who will formally take on the role in July, will report to the bank’s chief compliance officer, Phillippe Vollot.

“The appointment of Satnam Lehal reinforces Danske Bank’s commitment to combat financial crime,” said Vollot, in a statement. “His extensive experience will be crucial in supporting our progress in the implementation of an effective financial crime risk framework across Danske Bank.”

The announcement coincided with news that Danish prosecutors have charged 10 former Danske Bank managers suspected of facilitating €200 billion in transactions processed in its Estonian branch for a Russian money laundering network. Among the former managers charged was ex-Danske CEO Thomas Borgen, according to Berlingske.

Photo: Finn Årup Nielsen [CC BY-SA 3.0], via Wikimedia Commons

Read more:

Money Laundering at Danske Bank: Lessons for financial crime professionals (Part 1)

Estonia orders Danske Bank to shut down following money laundering scandal

Money laundering: Wild, wacky compliance failures from ING, Danske banks

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