Germany’s financial intelligence unit has cleared a backlog of thousands of unprocessed suspicious transaction reports, or STRs, but still faces an uphill struggle to regain the confidence of bankers and compliance officers, sources told ACAMS moneylaundering.com.
Estonia took the rare step Tuesday of shuttering the local affiliate of a foreign lender, ordering Danske Bank to close in response to "profound and material" violations of anti-money laundering rules that "seriously damaged" the Baltic nation.
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.
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