Senior compliance officers and financial-services industry executives in the European Union could see greater scrutiny of how they manage their firms' implementation of the bloc's anti-money laundering rules under plans pitched in a report by European lawmakers Wednesday.
The European Union's executive branch outlined a plan Wednesday to strengthen the role of the European Banking Authority, or EBA, in ensuring national regulators promptly and effectively take action against financial institutions that violate anti-money laundering rules.
Denmark's largest financial institution has referred eight former employees of its Estonian branch to law enforcement after accusing them of willfully laundering billions of dollars for foreign clients from 2007 to 2015.
Estonian authorities have launched a criminal investigation into the local branch of Danske Bank after a U.K. financier accused the lender of laundering most of the proceeds of a tax fraud perpetrated by a Russian crime group and complicit government officials 12 years ago.
Denmark’s financial regulator Thursday ordered the country’s largest lender, Danske Bank, to improve corporate governance processes after determining that senior executives repeatedly disregarded suspicions of large-scale money laundering operations at its branch in Estonia.
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