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Report: Deutsche may have curbed illegal transactions at Danske's Estonian unit


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Report: Deutsche may have curbed illegal transactions at Danske's Estonian unit

Deutsche Bank AG may have helped curb illegal transactions at Danske Bank A/S' branch in Estonia, Bloomberg News reported, citing a person familiar with the matter.

The German lender began rejecting individual dollar transactions going through the unit in 2014 and subsequently halted its services completely a year later, the source said.

Danske Bank has been the subject of a much-publicized money-laundering scandal, following allegations that its Estonian unit was at the center of potentially billions of dollars of suspicious transactions. In the week of Sept. 3, news broke that a report by consultancy firm Promontory Financial found that up to $30 billion of Russian and ex-Soviet funds passed through the branch in 2013.

Deutsche Bank's decision to stop offering the services in 2015 came at about the time that Estonia's regulator warned Danske Bank that the transactions appeared suspicious, according to the newswire.

Deutsche Bank was fined in January 2017 for failings in money-laundering controls that purportedly allowed customers to launder about $10 billion out of Russia.

Danske Bank Chairman Ole Andersen has told Bloomberg the lender's investigations into the matter are currently being finalized.