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Probe finds $30B in Russian money flowed through Danske Bank's Estonian branch


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Probe finds $30B in Russian money flowed through Danske Bank's Estonian branch

Up to $30 billion of Russian and ex-Soviet funds passed through Danske Bank A/S' Estonian branch in 2013, the Financial Times reported, citing the findings of a report commissioned by the bank.

The report, by consultancy firm Promontory Financial, found that the volume of transactions by nonresidents at the bank peaked in that year, with 80,000 being recorded. The total of nearly $30 billion is "a truly breathtaking amount for such a small branch," a source close to the investigation told the newspaper. "You can't have that amount flowing through without it raising questions."

The beleaguered lender is currently being investigated over its branch's alleged money laundering between 2007 and 2015. The amount of suspicious transactions was pegged at $8.3 billion in July.

The recent findings also raised questions about whether Thomas Borgen, Danske Bank's CEO, who was in charge of international banking at the time the allegations occurred, knew about the suspicious transactions.

Danske Bank is conducting an internal probe into the issue.

"We are committed to understanding the full picture, and I believe that it is in everybody's interest that conclusions are drawn on the basis of verified facts and not fragmented pieces of information taken out of context," Danske Bank Chairman Ole Andersen told the news agency.