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. ...

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