The money-laundering crisis is the most damaging yet for Danske, and for other Nordic banks allegedly involved
headquarters in Copenhagen, reminiscent of a Greek temple, speaks of an illustrious past. But Denmark’s biggest bank has “no vanity left”, says a spokesman. Since 2008 it has been embroiled in a disaster every five years. After one during the financial crisis, it was again in crisis mode in 2013 when the board sacked Eivind Kolding after 18 catastrophic months at its helm.
The main conduit for dodgy money at Danske’s Estonian branch was the “non-resident portfolio”, comprising about 10,000 accounts. By the end of 2013 this held 44% of all deposits from non-resident customers in Estonian banks . Investigators have examined thousands and deemed “the vast majority” to be suspicious. The branch filed suspicious-activity reports to theDanske admits not doing enough to prevent abuses.
To clean house, Danske has hired Philippe Vollot as chief compliance officer. He was previously Head of Anti-Financial Crime at Deutsche Bank—which was caught up in the Danske scandal, as one of the Danish lender’s correspondent banks. Mr Vollot is beefing up compliance from 170 people to 300 and says he “wants to build something lasting to avoid this happening again”.
France Dernières Nouvelles, France Actualités
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