It’s probably not the best idea for a bank CEO to apologise for a scandal until its full extent is known. It turns out that the scale of alleged money laundering at Danske Bank, may be much worse than previously estimated back in May. The Danish lender’s Estonian operations may have been used to launder as much as $8.3bn between 2007 and 2015, twice previous estimates, according to a local news report. So far, the bank has received little more than a stern ticking off and a request to hold more capital by the national regulator. Danes are right to wonder whether harsher punishments are in store. Danske CEO Thomas Borgen said in May he was "very sorry" and that the bank is "in a very different place today" when it comes to fighting financial crime. But the regulator made sure to leave its enforcement options open until the bank completes its inquiries. Shares in the bank fell as much as 3.6% on Wednesday, suggesting there’s lingering uncertainty. The consequences for the bank are mor...
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