DoJ probes Danske Bank over money laundering

Business 10/4/2018, 9:42 AM
DoJ probes Danske Bank over money laundering

United States Department of Justice has requested information from Danske Bank A/S in relation to the €200 billion money laundering scandal, the company said on Thursday.

"We are co-operating with the authorities investigating us as a result of the case. However, it is too early to speculate on any outcome of the investigations," said the bank's interim chief executive officer Jesper Nielsen.

The Danish bank also announced it would halt its share buyback program after the Danish Financial Services Authority stated that the bank's "compliance and reputational risks are higher than assumed" in the latest review from May.

Media reported in September that US authorities are investigating Denmark's biggest lender after a confidential whistleblower filed a report to the SEC two years ago. The bank is being investigated for money laundering through its branch in Estonia, involving $150 billion worth of transactions, mostly from Russia, which caused CEO Thomas Borgen to resign.

Danske Bank's shares fell 2.95% at 3:54 am CET.

Breaking the News / NI

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