Danske Bank money laundering scandal News

Former Danske Bank CEO Cleared in $322M Investor Lawsuit

Danske Bank’s former chief executive Thomas Borgen was cleared by a Danish court on Tuesday of any liability for shareholder investment losses linked to the lender’s involvement in one of the world’s largest money-laundering scandals. A group of 155 institutional …

Dirty Money Worried Swedbank Compliance Officers but Bosses Kept Mum: Documents

In the summer of 2018, a senior anti money-laundering official at Swedbank AB appeared anxious as he read reports that its competitor Danske Bank A/S could be fined by U.S. authorities for alleged crimes in the Baltics. “I’m afraid that …

Swedbank Slapped with Record $386M Fine for Money-Laundering Breaches

Sweden’s financial watchdog hit lender Swedbank with a record fine of 4 billion crowns ($386 million) on Thursday for serious deficiencies in its anti-money-laundering work and said the bank had withheld information from authorities. Sweden’s oldest retail bank saw its …

Danske Bank Ex-CEO Faces $387M Lawsuit over Money Laundering Scandal

The ousted chief executive of Danske Bank A/S, Thomas Borgen, has been personally targeted in an investor lawsuit arguing he withheld information about potential money laundering that subsequently destroyed the lender’s market value. Deminor, a Brussels-based law firm, said on …

Danske Bank Sued by International Investors over Money Laundering Scandal

A group of international investors who manage trillions of dollars in assets has filed what it says is the first in a series of lawsuits against Danske Bank in connection with the money laundering scandal engulfing Denmark’s largest lender. The …

Fallout from Money Laundering Scandal Continues as Fines Loom for Swedbank

Swedbank AB acknowledged it will no longer be able to live up to its goal of paying out one of the highest dividend ratios in the Nordic finance industry. Sweden’s oldest bank, which is dealing with the fallout of a …

Explaining Europe’s Growing Money Laundering Scandal

The largest ever money laundering scandal in Europe is rippling through the region’s banks. It began in the Baltics and has engulfed several Nordic lenders, notably Denmark’s Danske and Sweden’s Swedbank, who had large Baltic operations. Here are some facts …

Fallout Grows from Swedbank’s Money Laundering Scandal as Chairman Quits

A week after Swedbank AB fired its chief executive officer, the lender is parting ways with its chairman as a multibillion dollar money-laundering scandal forces top-level changes. Lars Idermark has decided to leave Sweden’s oldest bank and biggest mortgage lender …

Money Launderers Could Begin Targeting Smaller Banks, Warns Denmark

Denmark’s financial watchdog is warning that smaller banks need to be on high alert for signs of money laundering as larger lenders tighten their surveillance systems. Jesper Berg, director general of the Financial Supervisory Authority in Copenhagen, said Denmark is …

Swedbank Fires CEO on Growing Investor Criticism of Handling of Laundering Scandal

Swedbank dismissed Birgitte Bonnesen as chief executive on Thursday only an hour before its annual meeting after disgruntled shareholders rounded on her handling of a rapidly-growing money laundering scandal. The lender had repeatedly said it had faith in Bonnesen to …