Financial crime: Regulators find few lessons in Danske
Huge fines, criminal investigations and public opprobrium are the consequences of big anti-money laundering failures at banks, but what about the regulators? The reluctance of fellow EU supervisors to criticize one of their own in Denmark has heightened doubts about Europe’s AML framework.
Jesper Berg, director general of the Danish FSA
Those of us used to hearing bankers’ gripes about heavy-handed regulators would not expect the supervisor to downplay a money-laundering breach, particularly in a country such as Denmark. But that is the distinct tone of comments Euromoney heard in Copenhagen this summer, in conversations with Danske Bank and the Danish Financial Services Authority (FSA).
|EUROPE'S MONEY LAUNDERING PROBLEM|
|1. Can Europe's banks wash themselves clean?|
|Calls to make those in charge responsible|
|2. Why Europe can't stop money laundering|
|Is Brexit good news for money launderers?|
|3. Regulators find few lessons in Danske|
|4. How privacy fears slow UK-style data sharing|
|5. Danske wields risk axe after Estonia scandal|
Danske’s new French-born chief compliance officer Philippe Vollot does not challenge Euromoney’s reference to non-resident flows through its Estonia branch between 2007 and 2015, at €200 billion, as the world’s biggest-ever money laundering case.