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Report: Danske could face fines of 13.5B Danish kroner over money laundering

The fines that Danske Bank A/S may have to pay due to its alleged involvement in money laundering could reach roughly 13.5 billion Danish kroner, or approximately $2 billion, Bloomberg News reported, citing estimates by Jyske Bank A/S.

Jyske Bank analyst Anders Vollesen expects fines related to the probe to increase Danish lender's annual operating expenses to 42.4 billion kroner, according to the report.

The lender is facing lawsuits in the U.S. and the U.K. and has been under investigation in connection to a $200 billion money laundering scandal involving its Estonian branch.

In December 2019, a group of about 60 international investors reportedly sued Danske over the bank's alleged ties to money laundering, the latest such lawsuit to trouble the Danish lender.

As of Jan. 3, US$1 was equivalent to 6.69 Danish kroner.