An ongoing investigation by Sweden's largest bank into 50 legal entities suspected of laundering billions of dollars through its Baltic affiliates is too narrow in scope to identify the full extent of the scandal now threatening it, analysts told ACAMS moneylaundering.com. In a statement, Swedbank chairman Lars Idermark pledged a "deeper review" after a 24-page "preliminary update" published Friday concluded that the lender severed ties with the last of the 50 legal-entity clients for which it held accounts several months before Swedish broadcaster SVT linked them to thousands of suspicious transactions with Danske Bank Estonia. "Phase two" of the review...
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 financial regulator Thursday ordered the country’s largest lender, Danske Bank, to improve corporate governance processes after determining that senior executives repeatedly disregarded suspicions of large-scale money laundering operations at its branch in Estonia.
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.