Recently promoted Danske Bank Chief Administrative Officer Philippe Vollot has resigned, the Danish bank announced Thursday.
Vollot, who was appointed chief administrative officer in November after serving as the bank’s chief compliance officer since 2018, is leaving for a new position with another financial institution, according to Danske Bank. He will step down from the executive leadership team, effective immediately, after serving on it since he joined the bank.
In his time with Danske Bank, Vollot first was responsible for “regulatory compliance, financial crime compliance, and regulatory affairs,” as CCO. He more recently oversaw “group compliance as well as first lines financial crime prevention and financial crime risk divisions,” according to his LinkedIn profile.
Vollot was appointed Danske Bank’s CCO in 2018 to address the fallout from one of the world’s largest money laundering scandals, in which more than 200 billion euros (U.S. $215 billion) in illicit funds were funneled through the bank’s Estonia branch from 2007-16.
“Firstly, with my experience and background, I thought I could help,” Vollot told Compliance Week in a 2020 interview. “Secondly, the board of directors was extremely convincing in its commitment to make compliance a priority and put it at the top of the bank’s agenda. The bank was very open about what had happened and wanted to change the compliance culture.”
Danske Bank Chief Executive Carsten Egeriis commended Vollot for his “significant contributions” in building a “strong compliance and financial crime prevention organization,” which is now in the implementation phase.
Christian Bornfeld, head of personal customers, will oversee financial crime prevention and financial crime risk at Danske Bank going forward. Bornfeld previously served as group chief operating officer for Dutch bank ABN AMRO for more than four years.
Satnam Lehal, who succeeded Vollot as Danske Bank’s chief compliance officer, will report to Chief Risk Officer Magnus Thor Agustsson on an interim basis. Lehal will continue to have an independent reporting line to the board of directors.