Money laundering at Danske Bank

Mr Thomas Borgen, the CEO of Danske Bank has resigned as a result of a money-laundering scandal of approximately €200bn (£177bn)  involving payments into its Estonian branch.

Estonia's Financial Supervision Authority (FSA) stated that Danske's internal investigation had "serious shortcomings in the organisation of Danske Bank, where risk-appetite and risk control were not in balance."  Denmark's Financial Supervision Authority is now considering taking action. The last inspection review by the FSA on Danske Bank's Estonian branch was in 2014.

The scandal is complex and rumoured to involve over 30 currencies and companies in Cyprus, British Virgin Islands and the Seychelles.  None of the clients has yet been named.

The UK Guardian newspaper is calling it "probably the largest ever money laundering scandal in history."

 

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