Danske Bank admitted Tuesday to using deceptive means to move tens of billions of dollars of suspicious money through the U.S. over a period of several years and lying to U.S. banks to hide anti-money laundering deficiencies at the lender's now-shuttered affiliate in Estonia. Thousands of non-resident clients from Russia and other countries accounted for more than 50 percent of Danske Bank's revenue stream from Danske Bank Estonia from 2007 to 2016 after the Copenhagen-headquartered lender inherited the affiliate by acquiring Finland's Sampo Bank, federal prosecutors in Manhattan alleged in a statement. Many of those non-resident clients transacted in dollars,...
Danske Bank, Denmark's largest lender by assets, must forfeit $2.1 billion after pleading guilty in New York on Tuesday to routing tens of billions of dollars of "criminal and suspicious" funds through the U.S. financial system from 2008 to 2016.
The U.S. Justice Department reached a resolution with the Copenhagen, Denmark-based bank, where it pleaded guilty to one count of conspiracy to commit bank fraud and agreed to pay criminal forfeiture of $2,059,979,050.
The U.S. Securities and Exchange Commission issued a complaint charging the Copenhagen, Denmark-based bank with fraud for misleading investors concerning its anti-money laundering compliance failures. The bank has agreed to pay $413 million to settle the charges.