Danske Bank receives inquiry from SEC

Thursday, 21. February 2019 11:26

Danske Bank A/S said on Thursday that it received an inquiry from the Securities and Exchange Commission in the United States, in regards to the ongoing investigations of alleged €200 million money laundering activity in its Estonian branch.

Last month it was reported that the US Federal Reserve is probing the Deutsche Bank AG's conduct in relation to transactions linked to the scandal. The US Department of Justice opened a criminal investigation of the Danish lender in October last year. Danske noted today it is "in dialogue" with the US authorities.

"We have no information about when the investigations conducted by DOJ and SEC are expected to be completed, nor do we know what the outcome of these will be. We continue to cooperate with the authorities in order to establish a complete picture of the events of the case," said Interim CEO Jesper Nielsen.

Meanwhile, Estonia ordered the bank to close its local branch by the end of 2019. Operations in Latvia, Lithuania and Russia will also be shut down.

Related Links: Danske Bank A/S
Author:
Breaking the News / NI