Danish bank Nordea has been indicted for money laundering linked to Russia. The case, which promises to be major, involves the largest commercial bank in the Scandinavian countries.
Nordea Bank accused of money laundering
The Danish Financial Prosecutor's Office announced the news over the weekend. Nordic bank Nordea accused of money laundering worth 26 billion crownsAt current prices, that's $3.5 billion.
This alleged major breach is said to have benefited Russia in the period from 2012 to 2015.. the Danish National Specialised Crime Unit (NSK) explained the flaws attributed to the institution:
“Nordea failed to properly investigate Russian customer transactions and ignored warnings. […] She has failed in her obligations on numerous occasions.»
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Nordea acknowledges 'gaps'
Anders Holkmann Olsen, Nordea's Head of Legal Affairs, said to himself ” disappointed ” in a press release :
“Nordea has repeatedly acknowledged that there were gaps in our systems and processes to combat financial crime at the time.»
The bank says it was willing to pay a fine of 95 million euros in 2019 for the alleged acts.. It also says it has invested $1.5 billion in its anti-money laundering systems.
This is the second major financial scandal involving a Scandinavian bank in recent years. In 2018, Danish giant Danske Bank was accused of laundering 200 billion euros of dirty money of Russian origin.
The affair had spread and had splashed other Scandinavian banks. At the time, The scandal led to the establishment of the anti-money laundering regulatory agency AMLAThe Nordea scandal, which is only just beginning, could therefore lead to new measures at European level.
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Source: Les Echos
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A journalist at Cryptoast since 2017, I am passionate about the issues of decentralization, privacy and regulation. I specialize in traditional economics and finance, analyzing how news from this sector influences the cryptocurrency sector, offering a unique and informed perspective to Cryptoast readers.
Marine Debelloir
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