Danske Bank investigated for money laundering - report

Business 9/14/2018, 3:00 PM
Danske Bank investigated for money laundering - report

Denmark's largest bank, Danske Bank, is being investigated by United States prosecutors over allegations of Russian money laundering, the Wall Street Journal reported on Friday. The US Department of Justice, Treasury Department and Securities and Exchange Commission (SEC) are looking into the bank's transactions valued at $150 billion in Estonia after a confidential whistleblower filed a report to the SEC two years ago.

According to a source familiar with the investigation, Deutsche Bank AG and Citigroup Inc were involved with transactions coming in and out of the Danish bank. Danish, Estonian and US authorities are working closely, one source said. "In this particular case, it’s clearly dirty money from crime," said Marek Vahing, Estonia’s state prosecutor.

Danske Bank stock price has decreased 30.53% since the beginning of the year.

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