The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

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_780.jpg

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).

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.




You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree