04 Sep 2018
Danske Bank (DANSKE.CO) handled up to $30 billion of non-residents’ money via its Estonian branch in 2013 according to an independent investigation, the Financial Times reported on Monday.
The non-resident portfolio at the Estonian branch has been at the centre of allegations that the bank had flawed money laundering controls in the years from 2007 to 2015, which has led to criminal investigations in both Denmark and Estonia.
Danske Bank said in an email to Reuters it was not able to verify the information in the FT report.
“The matter is very complex, and no conclusion as to the number of suspicious customers or transactions – or indeed the extent of potential money laundering – can be drawn from any individual pieces of information taken out of context,” the bank said in the email.
By Teis Jensen, Reuters, 3 Sept 2018.
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