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Danske Bank CEO quits over money laundering failures

Neil Hodge | September 19, 2018

The chief executive of Denmark’s biggest financial institution has resigned following the publication of a report that highlights large-scale money laundering in the bank’s Estonian operations. 

“It is clear that Danske Bank has failed to live up to its responsibility in the case of possible money laundering in Estonia. I deeply regret this,” said Danske Bank CEO Thomas Borgen in a written statement released Wednesday

Danske has been under fire for failing to prevent dirty money from countries including Russia, Azerbaijan, and Moldova flowing through its Estonian branch, especially since the bank has had to revise initial estimates that less than €4 billion (U.S. $4.65 billion) was laundered, rather than the €100 billion (U.S. $116.8 billion) and counting that now seems more likely. 

Even now, the bank is not able to provide an accurate estimate of the...

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