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Compliance Corner: Danske Bank

Editorial Staff

14 January 2019

Danske
A French investigatory judge has summoned scandal-hit to talks to discuss a probe into money laundering, saying it intends to put the lender under a formal inquiry.

Danske, the subject of an investigation into possible breaches of French AML rules in a period from 2007 to 2014, said a judge of the French Tribunal de Grande Instance de Paris court has demanded an interview over the matter.

The Copenhagen-based bank is accused of being involved in a major AML scandal in the Baltic region. Already, senior executives have resigned from the bank, and the organisation has set aside capital to cope with expected punishments. The saga adds to other money laundering scandals that have broken out in Europe and other parts of the world, prompting calls from policymakers for tougher measures.

Danske said it will inform markets, as it has before, if the talks with the French judge cause a change to its legal status. It declined to comment further.