- 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).
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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 former executives of Chicago-based Outcome Health, a healthcare technology company, were sentenced for misleading an auditor, clients, lenders, and investors about a scheme to sell $45 million in overbilled advertisements.
A home health company operating in Indiana, Ohio, and Texas agreed to pay nearly $4.5 million to settle allegations it filed false claims by giving sports tickets and other kickbacks to assisted living facilities in exchange for referrals.
Crypto-friendly Silvergate Bank will pay a total of $63 million penalties to California and the Federal Reserve Board to settle charges that its anti-money laundering program failed to properly monitor more than $1 trillion worth of customer transactions.
