Estonia Orders Danske Bank to Close Operations and Investigates Allegations Linking Swedbank with Dankse Transactions

IMPORTANT: The full content of this page is available to premium users only.

Friday, March 1, 2019
Author: 
Bruce Zagaris
Volume: 
35
Issue: 
3
Abstract: 

On February 19, 2019, the Estonian Financial Supervision Authority (FSA) gave Danske Bank 20 days to submit an action plan to close its local branch within eight months. In December, Estonian authorities detained 10 former Danske Bank employees on suspicion they had facilitated money laundering through non-resident clients, including many Russians.  On February 20, 2019, Estonia’s state prosecution said it is investigating allegations linking Swedbank to suspicious transactions in the country involving Danske Bank.