Estonia took the rare step Tuesday of shuttering the local affiliate of a foreign lender, ordering Danske Bank to close for committing "profound and material" violations of anti-money laundering rules that "seriously damaged" the Baltic nation. Danske Bank, Denmark's largest lender by assets, has been at the center of a massive scandal after revelations that more than €200 billion in potentially illicit funds, principally from Russia and other former Soviet nations, flowed through thousands of accounts held by nonresident legal entities at its branch in Tallinn from 2007 to 2015. The Estonian Financial Supervision Authority, or FSA, said in a...
The English trader who blew the whistle on suspicious accounts at Danske Bank's affiliate in Estonia accused the lender in testimony Monday of actively seeking to quash investigations into the $200 billion money-laundering scandal he helped uncover.
Denmark's largest financial institution has referred eight former employees of its Estonian branch to law enforcement after accusing them of willfully laundering billions of dollars for foreign clients from 2007 to 2015.
Estonian authorities have launched a criminal investigation into the local branch of Danske Bank after a U.K. financier accused the lender of laundering most of the proceeds of a tax fraud perpetrated by a Russian crime group and complicit government officials 12 years ago.