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Denmark’s largest bank has been accused of laundering $4 billion in Russian funds

Denmark’s largest bank has been accused of laundering  billion in Russian funds

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The bank was unable to monitor the transactions of Russian clients and ignored the warning of local authorities.

Danish authorities have accused Finnish banking group Nordea, Scandinavia’s largest in terms of assets, of laundering money from Russia. Suspicious transactions worth DKK 26 billion ($3.75 billion) were uncovered at the bank’s Danish subsidiary between 2012 and 2015, all linked to numerous Russian clients. Danmarks Radio reported this on Friday, July 5.

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The alleged money laundering case at Nordea Bank is the most capital-intensive in the history of the Danish banking sector.

The bank was unable to adequately control the transactions of Russian clients through its Copenhagen office and ignored the warning of the Danish authorities.

The country’s financial regulator first contacted police over Nordea’s suspicious transactions in 2016.

Nordea Bank has previously admitted on several occasions that there were shortcomings in their systems to fight financial crime at the time.

In April 2019, Nordea wrote in its quarterly reports that it would face large fines for its failure to prevent money laundering.

Nordea has been operating in Russia since 1994. In the 2010s, its Russian subsidiary was one of the 30 largest banks in the country.

After the annexation of Crimea and the first wave of Western sanctions, the Finnish group began to phase out its Russian business, and in 2020 decided to liquidate its subsidiary in the Russian Federation.

Media say the case against Nordea is not the only serious case of money laundering to hit the Danish banking world.

Raiffeisen Bank is being investigated in connection with money laundering and work in the Russian Federation
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Source: korrespondent

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