15th October 2018
Estonia plans an independent inquiry into alleged money laundering in the country from 2007 to 2015, a finance ministry spokeswoman said on Friday. – Reporting by Tarmo Virki, Reuters, 12 September 2018. Link to Reuters. Read More
4th October 2018
Banks doing business in Estonia, which has been at the centre of a money-laundering scandal involving Danske Bank, handled more than $1 trillion (768.18 billion pounds) in cross-border flows between 2008 and 2017, according to the country’s central bank. The European Union member country of just 1.3 million people has… Read More
3rd October 2018
In a u-turn, Danske Bank has announced the immediate departure of CEO Thomas F. Borgen, just days after it said he would remain with the bank until a new CEO was appointed. Indications are Borgen would have preferred to stay on longer but was forced to quit immediately. He… Read More
3rd October 2018
The European Union needs clearer rules to combat money laundering that would apply equally to all EU countries, European Central Bank Vice President Luis de Guindos said on Tuesday. The 28-nation bloc is grappling with high-profile cases of money laundering at banks in member states, including Estonia, Denmark, the Netherlands,… Read More
21st September 2018
Danske Bank (DANSKE.CO) faced a new Danish money laundering inquiry on Thursday as political anger spread over a scandal involving 200 billion euros (177 billion pounds) in payments, many of which were suspicious, through Estonia. Chief Executive Thomas Borgen resigned on Wednesday after an investigation commissioned by Danske Bank exposed… Read More
14th September 2018
Danske Bank’s (DANSKE.CO) chief executive rejected calls in 2013 to scale back business at the bank’s Estonian branch, the Financial Times reported on Thursday. The bank will on Sept. 19 publish the findings of an investigation into past activities in Estonia that could be one of the biggest money-laundering scandals… Read More
4th September 2018
Danske Bank (DANSKE.CO) handled up to $30 billion of non-residents’ money via its Estonian branch in 2013 according to an independent investigation, the Financial Times reported on Monday. The non-resident portfolio at the Estonian branch has been at the centre of allegations that the bank had flawed money laundering controls… Read More
16th August 2018
Denmark’s largest lender Danske Bank has lost 28,000 private customers this year as public confidence dropped due to allegations its Estonia branch was involved in money laundering between 2007 and 2015, a poll showed on Tuesday. A Danske Bank spokesman said the bank did not recognise the negative customer development… Read More
7th August 2018
Denmark’s state prosecutor has started a criminal investigation into Danske Bank (DANSKE.CO) over allegations the country’s biggest lender had been involved in money laundering through its Estonian branch. The investigation, which follows a similar step by Estonian authorities last week, concerns transactions worth billions of Danish crowns that might have… Read More
1st August 2018
Estonia’s general prosecutor said on Tuesday it had begun a criminal investigation of Danske Bank over allegations that Denmark’s largest bank was involved in money laundering through the Baltic country in the past. Shares in Danske Bank have fallen by almost a quarter this year following allegations its Estonia branch… Read More
Must Read

EU adopts Sixth Anti-Money Laundering Directive EU 6AMLD, deadline set

Countries across the European Union will have two years to implement a new system of jail sentences and sanctions for money launderers following the formal adoption of the EU’s latest anti-money laundering directive, dubbed 6AMLD (Sixth Anti-Money Laundering Directive) on 11 October 2018. Once the directive is published in the… Read More

Anti-money laundering compliance costs hit $25 billion annually – study

The cost of AML compliance across U.S. financial services firms equaled $25.3 billion per year based on survey responses from more than 150 decision-makers at banks, investment, asset management and insurance firms, according to a new study. The report shows that smaller firms are hit hardest, relative to their bottom… Read More