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Danske Bank fined 12.5M kroner over money laundering


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Danske Bank fined 12.5M kroner over money laundering

Danske Bank A/S said Dec. 21 that it will pay a fine of 12.5 million Danish kroner imposed by the Danish Public Prosecutor for Serious Economic and International Crime for breaching the country's anti-money laundering rules.

The penalty concludes a probe launched into the bank by Danish Financial Supervisory Authority in 2015. The accusations against the bank related to failings in its monitoring in relation to correspondent banks, and CEO Thomas Borgen said the lender has since taken "many initiatives to considerably strengthen monitoring in relation to correspondent banks."

The lender's head of compliance, Anders Meinert Jorgensen, told Reuters in an email that the bank was also examining whether its branches in Latvia and Lithuania had been involved in money laundering, in addition to the activities at its Estonian branch that prompted the fine. He noted that the issues in Latvia and Lithuania could "not be equated to those in the Estonia branch," where the issues it had were linked to "a certain portfolio."

As of Dec. 20, US$1 was equivalent to 6.26 Danish kroner.