Danske Bank Faces Four Counts of Violating Danish Anti-Money Laundering Act

A Complete Breakdown: Danske Bank Admits to Internal Controls Failure

Copenhagen, Denmark - Danske Bank, one of the largest banks in Scandinavia, has admitted to a “complete breakdown” of its internal controls, resulting in four counts of violating the Danish anti-money laundering act. The bank’s failure to properly monitor and report suspicious transactions has led to allegations that it profited immensely from money laundering schemes involving billions of dollars.

Whistleblower Allegations: Danske Bank Profitted from Money Laundering Schemes

According to attorney Stephen Kohn, who represents whistleblower Howard Wilkinson, Danske Bank is not alone in its complicity. “Most of the $230 billion passed through big New York banks undetected for years,” Kohn said in an interview with 60 Minutes correspondent Steve Kroft.

Investigation Uncovered Allegations of Large-Scale Money Laundering

The investigation has uncovered allegations of large-scale money laundering involving Russian oligarchs and mafiosi, with an estimated $230 billion in dirty money flowing through Danske Bank’s Estonian branch between 2007 and 2015. Wilkinson claims that despite his concerns being raised with senior management, nothing was done to address the issue.

Key Points:

• Danske Bank admitted to a “complete breakdown” of its internal controls
• The bank is facing four counts of violating the Danish anti-money laundering act
• An estimated $230 billion in dirty money flowed through Danske Bank’s Estonian branch between 2007 and 2015
• Whistleblower Howard Wilkinson claims that senior management ignored his concerns about suspicious transactions
• The investigation has uncovered allegations of large-scale money laundering involving Russian oligarchs and mafiosi

Complicity of Big Banks: Failure to Properly Monitor Suspicious Transactions

Kohn argues that the big banks are complicit in the scheme, citing their failure to properly monitor and report suspicious transactions. “You need the big banks when you’re doing money laundering in large amounts of money, billions, hundreds of millions,” Kohn said. “And the big banks are under strict regulations from the Patriot Act, anti-terrorist financing, very strict rules to stop money laundering.”

Potential Consequences: Fines and Whistleblower Reward

The case is now being weighed by the US Justice Department and other federal agencies, with the potential for fines in excess of hundreds of millions of dollars. Wilkinson could potentially share in the proceeds as a whistleblower.

Unclear Origins and Fate of Dirty Money

As the investigation continues, it remains unclear where the $230 billion in dirty money originated from or where it ended up. “It’s gonna be difficult,” Wilkinson said. “And the fact that it’s so difficult is fully the responsibility of Danske Bank.”

Conclusion

Danske Bank has admitted to violating the Danish anti-money laundering act and is facing four counts of criminal charges. The bank’s failure to properly monitor and report suspicious transactions has led to allegations of profiting immensely from money laundering schemes.

Produced by Keith Sharman, Associate Producer Alex J. Diamond

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