Danske Makes Deeper Cuts in Correspondent Banking Amid AML Focus
Alert: HALISTER1
Source: BFW (Bloomberg First Word)
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DANSKE DC (Danske Bank A/S)
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(Bloomberg) -- Danske Bank has cut the number of lenders with which it does correspondent banking to 1,900 from 2,000 a year ago amid efforts to thwart money laundering.
- “The reason is our increased and ongoing focus on complying with AML procedures and regulation,” Flemming Pristed, the group’s general counsel, says in emailed response to questions
- Danske also has increased the number of employees working with AML, to 550, from 300 a year ago, when Danish FSA reported bank to police for possible administrative fines for violating anti-money laundering rules
- The violations involved Danske’s procedures regarding the monitoring and identification of correspondent banks; the case is still ongoing, Pristed says
- NOTE: March 20, Criminals may have used accounts at Danske Bank and Nordea Bank to launder more than DKK7b from 2011-2014, newspaper Berlingske reports
Alert: HALISTER1
Source: BFW (Bloomberg First Word)
Tickers
DANSKE DC (Danske Bank A/S)
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UUID: 7947283