18 Apr 2019
The European Union banking watchdog said on Wednesday that its investigation into financial regulators in Estonia and Denmark in relation to suspected money laundering activities by Danske Bank did not find any breach of EU law.
Danish and Estonian financial regulators have publicly blamed each other for the Danske Bank money laundering scandal, after Denmark’s largest bank last year admitted that 200 billion euros ($226 billion) of suspicious transactions flowed through its Estonian branch between 2007 and 2015.
The European Banking Authority (EBA) in February said it had opened a formal investigation into a possible breach of EU law by the two regulators.
The investigation did not find any breaches and was closed without issuing a recommendation, the watchdog said in a press release on Wednesday.
By Jacob Gronholt-Pedersen, Reuters, 17 April 2019
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