Danske Bank CEO quits over €200bn money laundering scandal
The Danish bank details compliance and control failings that allowed illegal funds to flow through its small Estonian branch
Copenhagen — Danske Bank CEO Thomas Borgen resigned on Wednesday after an investigation revealed payments totalling €200bn through its small Estonian branch, many of which the bank said were suspicious. The Danish bank detailed compliance and control failings amid growing calls for a European Union crackdown on financial crime after a series of money laundering scandals which have attracted the attention of US authorities. "Even though I was personally cleared from a legal point of view, I hold the ultimate responsibility. There is no doubt that we as an organization have failed in this situation and did not live up to expectations," Borgen, who will stay on until a new CEO is appointed, told a press conference. Borgen, 54, was in charge of Danske Bank’s international operations, including Estonia, between 2009 and 2012. While the report shed some light on the bank’s activities in Estonia, investors are concerned whether the US, which has placed sanctions on Russia, will punish it. ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.