Dankse Bank urged to shut down Estonian branch, after money laundering scandal

Wednesday 20 February 2019 00:45 CET | News

The Estonian Financial Supervision has issued a precept, announcing Danske Bank to terminate its activities in Estonia before the end of 2019.

The reason for this precept was the fact that Danske Bank `violated anti-money laundering regulations’, as it allowed high-risk money-laundering clients to make suspicious transactions through the bank. The Financial Supervision continued by stating that Danske Bank provided them with inadequate information, thus misleading the Estonian public authorities, and hampering their investigation.

As such, Estonian authorities told Danske Bank that it must close the branch within eight months, as well as repay its clients their deposits.

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Keywords: Dankse Bank, Estonia, money laundering, scam, fraud, banks, transactions , risk
Countries: World