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TEHRAN, October 04 -Danske Bank (DANSKE.CO) is being investigated by the U.S. Department of Justice over a 200 billion euro ($230 billion) money laundering scandal involving its Estonian branch, confirming long-held investor fears.
TEHRAN, Young Journalists Club (YJC) -Danske Bank (DANSKE.CO) is being investigated by the U.S. Department of Justice over a 200 billion euro ($230 billion) money laundering scandal involving its Estonian branch, confirming long-held investor fears.
Denmark’s largest bank said in a statement on Thursday that it had “received requests for information from the U.S. Department of Justice (DOJ) in connection with a criminal investigation relating to the bank’s Estonian branch”.
The bank, which this week appointed Jesper Nielsen as interim chief executive to handle the growing crisis after the resignation last month of Thomas Borgen, said it was cooperating with the U.S. authorities.
Shares in Danske Bank fell by three percent to 160 Danish crowns, their lowest level since January 2015 and a 33 percent decline so far this year, as investors digested the latest developments at the bank.
Shareholders have fretted for months over the possibility of U.S. authorities investigating whether Danske Bank broke U.S. rules in allowing payments through its Estonian operation because of the potential for significant penalties.
France’s BNP Paribas (BNPP.PA) reached a record $8.9 billion settlement with U.S. authorities in 2015 to resolve claims that it violated sanctions against Sudan, Cuba and Iran.
Many of the non-resident accounts at Denmark’s Estonia branch were held by entities or individuals in Russia, which is the subject of sanctions by the United States.
Banks doing business in Estonia handled more than $1 trillion in cross-border flows between 2008 and 2017, the country’s central bank said on Wednesday.
Source: Reuters
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