Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Danske Bank, Nordea say cooperating with authorities in money laundering probe

Published 20/03/2017, 22:44
Updated 20/03/2017, 22:44
© Reuters. Danske bank logo is seen on a branch office in Riga

© Reuters. Danske bank logo is seen on a branch office in Riga

COPENHAGEN (Reuters) - Denmark's Danske Bank (CO:DANSKE) and Sweden's Nordea (ST:NDA) said on Monday they were cooperating with authorities over possible incidents of money laundering via their overseas branches from 2011 to 2014.

Danish newspaper Berlingske reported on Monday that the two banks were being investigated by authorities in Moldova and Latvia over money laundering.

More than 7 billion Danish crowns (822 million pounds) was transferred to accounts in the two banks from 2011 through 2014, the newspaper said citing data it had accessed in cooperation with the journalist organisation Organized Crime and Corruption Reporting Project.

Danske Bank said in a press release that the transactions were almost exclusively carried out at its Estonian branch, and that the bank had already discussed them with Danish and Estonian authorities. The Danish Financial Supervisory Authority reprimanded it over the matter last year, it said.

"At the time, our systems and procedures in Estonia were insufficient to ensure that we could not be used for money laundering," Group General Counsel at Danske Bank Flemming Pristed said in the press release.

"We have taken the measures necessary to remedy this," he said.

A Nordea spokesman said the bank would "never tolerate" being used as a base for money laundering. He said that the transactions in the Swedish bank took place between 2012 and 2014 and that the bank had since begun an extensive programme against money laundering.

© Reuters. Danske bank logo is seen on a branch office in Riga

"We will of course cooperate fully with the authorities," the Nordea spokesman said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.