Denmark’s Largest Bank To Issue Report on Russia, Ex-Soviet Money Laundering

Denmark’s Largest Bank To Issue Report on Russia, Ex-Soviet Money Laundering

COPENHAGEN-Denmark's largest bank found more than $200 billion in transactions at its Estonian branch and suspects a "large portion" of it was related to money laundering, often from Russian Federation.

Danske's CEO Thomas Borgen said "it is clear that Danske Bank has failed to live up to its responsibility in the case of possible money laundering in Estonia", adding the investigation didn't find breaches of his legal obligations.

Regulators and the financial community will scrutinize the Danske Bank report, which follows calls by Brussels for a new European Union watchdog to crack down on financial crime after a series of scandals involving anti-money laundering controls.

The announcements came days after the Wall Street Journal reported that Danish investigators were probing transactions of up to $150 billion "from companies with ties to Russian Federation and the former Soviet Union" that transited Danske Bank's Estonian branch between 2007 and 2015.

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He stepped down after the bank found "indications" that its Estonian branch was used for money-laundering purposes.

The Danish bank said it was unable to determine how much money was believed to have been laundered through its Estonian branch between 2007 and 2015.

Recent media reports have said up to $150 billion worth of banking transactions may have flowed Danske's Estonia branch.

Earlier this year, US authorities accused the Latvian bank ABLV of covering up money laundering, leading to the bank's collapse, after it was denied USA dollar funding.

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