Estonia ordered Danske Bank to close its local branch by the end of 2019, due to inquiries into an alleged €200bn money-laundering scandal yesterday widening.
The Danish bank agreed to this request and has also decided to close down its banking activities in Russia, Latvia and Lithuania.
Estonian, Danish, British and American authorities are investigating the bank over claims of corrupt payments involving non-resident clients that occurred at its Estonian branch between 2007 and 2015. Estonia’s Financial Supervision Authority has given Danske Bank’s Tallinn branch eight months to repay its customers deposits in full.
Furthermore, just hours before the Estonian regulator gave its orders, the European Banking Authority (EBA) instigated an investigation into their actions during the scam, and those of Danish regulators.
Previously, the European Commission has written to the EBA, prompting the regulator to use its powers to investigate whether EU law had been breached by the authorities.
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