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Danske Bank Settles Money Laundering Accusations After Deceiving US Banks

By Benjamin Hardy

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,...

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