- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2021-04-29T20:27:00
New Danske Bank CEO Carsten Egeriis told investors compliance costs at the bank have stabilized now that a forensic audit into a money laundering scandal involving its Estonia branch is complete.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec. Select an option and click continue.
Annual Membership $499 Value offer
Full price one year membership with auto-renewal.
Membership $599
One-year only, no auto-renewal.
Danske Bank has entered “initial discussions” with U.S. and Danish authorities on resolution regarding one of the world’s largest money laundering scandals that took place at its Estonia branch.
Danske Bank has appointed Philippe Vollot, its chief compliance officer, to be its group chief administrative officer in charge of the bank’s compliance, financial crime prevention, and financial crime risk divisions.
Sweden’s financial regulator says Danske Bank is not addressing deficiencies in its AML/CFT protocols quickly enough, issuing an injunction ordering the bank to take remedial action.
The U.K. has an ongoing problem with money laundering, but recent changes to economic crime law and corporate registration requirements could bring more cases to court, according to consultancy KPMG.
Enforcement actions in the first half of of 2024 by the Treasury Department’s Financial Crimes Enforcement Network highlight the importance of proactive measures in Bank Secrecy Act compliance rather than just being compliant.
The U.K Financial Conduct Authority published findings showing that financial services firms are implementing its guidance on politically exposed persons related to anti-money laundering inconsistently, with experts warning firms of reputational damage arising from potential enforcement.
