- 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.
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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.
London has long had the dubious reputation of being the world’s money laundering capital and it looks like it’s a title it is likely to retain for some time yet.
The U.K. will struggle to shed its reputation as one of the world’s biggest conduits for dirty money due to a combination of patchy intelligence-sharing and poorly resourced enforcement agencies, experts told Compliance Week.
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.
