Danske Regulators Not Off the Hook as EU Continues Investigation
09 Sep 2019

The European Union is continuing to investigate Danske Bank A/S’s regulators in Denmark and Estonia even after the bloc’s banking watchdog concluded they hadn’t broken EU law during one of the region’s biggest-ever money-laundering scandals.

The European Commission, the EU’s executive arm, is still examining the matter to see if it should open a so-called infringement procedure, Alexandra Jour-Schroeder, a senior official in the commission’s justice department, told the European Parliament on Thursday. That means the countries could still face the prospect of court proceedings and even financial penalties if the commission suspects they didn’t follow EU law.

“The case isn’t finished yet,” Jour-Schroeder said. “But we need more information from Estonia and Denmark to see if we can do anything.”

While the European Banking Authority closed an investigation into potential breaches of EU law earlier this year, a leaked report later showed that the regulator’s staff found a number of shortcomings by Danish and Estonian authorities. The EBA’s board, which represents national supervisors, didn’t approve the findings in a meeting in April, however.

By Alexander Weber, Bloomberg, 5 September 2019

Read more at Bloomberg

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