The European Commission has called for an EU probe into the regulatory failures that led to a multi-billion euro money-laundering scandal at Denmark’s Danske Bank, agencies reported.
Denmark’s largest lender is the focus of several inquiries after it said “a large part” of transactions totalling €200 billion ($235 billion) at its branch in Estonia were “suspicious.”
The European Commission has written a letter to the European Banking Authority (EBA), the regulatory authority of the EU, to ask it to “fully utilize” its powers to probe what happened to the monitoring of Danske’s Estonian office, a spokesman told AFP on Sunday.
More than 1.5 trillion Danish kroner (€200 billion) transited through the Estonian subsidiary of Danske Bank between 2007 and 2015, according to an outside law firm that conducted an investigation for Danske Bank.
The scandal cost the lender’s chief executive his job last week as investigators worked to determine just how much dirty money transited through its Estonian subsidiary.