- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Adrianne Appel2022-10-28T18:44:00
Danske Bank expects to pay a total of 15.5 billion Danish kroner (U.S. $2.1 billion) to U.S. and Danish authorities to settle allegations it overlooked more than $200 billion in dirty money laundered through its former Estonia branch.
An agreement with authorities is not final regarding what is considered to be one of the world’s largest money laundering scandals but close enough that the bank “can reliably estimate” the size of the penalties, Danske Bank Chief Executive Carsten Egeriis said in a statement accompanying the bank’s interim report for the first nine months of 2022 published Thursday.
The bank booked a provision DKK 14 billion (U.S. $1.9 billion) in the third quarter of 2022, Egeriis said. That activity “significantly impacted” the bank’s financial result for the nine months, with a net loss of DKK 9.2 billion (U.S. $1.2 billion).
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 reached final resolutions with U.S. and Danish authorities to settle allegations regarding widespread anti-money laundering deficiencies at its former Estonia branch.
Danske Bank Chief Administrative Officer Philippe Vollot, who was promoted to the position from chief compliance officer in November, has resigned, the Danish bank announced.
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.
Three months after a U.S. district judge declared Google to be running a monopoly, the Department of Justice recommended the tech giant be forced to sell off its popular Chrome browser as part of an effort to resolve antitrust concerns and reshape the power of tech’s biggest companies.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
