Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen correspondent in southern Lebanon: A series of Israeli raids targeted the Mahmoudiyah and Jarmaq areas.
Al Mayadeen's correspondent: Israeli warplanes renewed their raids on the Mahmoudiya and Jarmaq areas
Al Mayadeen's correspondent: Israeli warplanes launched a series of raids targeting the Mahmoudiya and Jarmaq areas
Eslami: The competent authorities are preparing a technical report to assess the extent of the damage inflicted on nuclear facilities during the aggression against Iran
Head of the Atomic Energy Organization of Iran, Mohammad Eslami: Iran will pursue its nuclear program in line with the country's scientific and developmental needs
Israeli media: Israeli commando forces conduct airdrops in two locations in the Damascus countryside.
Israeli media platform: Israeli army forces carry out a commando operation in the al-Kiswah area of the Damascus countryside.
Syrian media outlets: Israeli helicopters flying at low altitude over Tal Mani in the Damascus countryside.
Israeli media platform: Israeli aircraft bomb Syrian bases simultaneously with tanks entering the southern outskirts of Damascus.
Israeli media: Israeli forces infiltrated the town of Beit Jann south of Damascus, and a new airstrike hit al-Kiswah.

Danske Bank admits fraud, to pay $2 billion fine: US

  • By Al Mayadeen English
  • Source: Agencies
  • 14 Dec 2022 17:00
  • 1 Shares
3 Min Read

The US Justice Department says Danske bank misled US banks about its Estonia branch's anti-money laundering controls.

  • x
  • Danske Bank admits fraud, to pay $2 billion fine
    Danske Bank admits fraud, to pay $2 billion fine

The United States Justice Department confirmed on Tuesday that Danske Bank, Denmark's largest, has pleaded guilty to defrauding American banks in order to sneak money into the US financial system and will forfeit $2 billion.

In a statement, the Department said the Danish bank misled US banks about its Estonia branch's anti-money laundering controls so as to facilitate access to the US financial system for high-risk customers outside Estonia.

"Today's guilty plea by Danske Bank and two-billion-dollar penalty demonstrate that the Department of Justice will fiercely guard the integrity of the US financial system from tainted foreign money -- Russian or otherwise," said Deputy Attorney General Lisa Monaco.

The bank was accused of laundering some 200 billion euros ($212 billion at today's exchange rate) from 2007 to 2015. The scandal erupted in 2018.

The Justice Department said Danske Bank Estonia had a profitable business line with non-resident customers called the NRP, which it lured by saying they could transfer large amounts of money through that bank with little to no oversight.

Related News

Newsom warns Trump risks democracy, US on brink of authoritarianism

Xi’s outreach sparks India-China rapprochement amid US tensions

The Department added that Danske Bank employees conspired with NRP customers to hide the true nature of their transactions, including by using shell companies to conceal the true owners.

"Access to the US financial system via the US banks was critical to Danske Bank and its NRP customers, who relied on access to US banks to process US dollar transactions," the statement indicated.

It highlighted that Danske Bank Estonia processed $160 billion through US banks on behalf of the NRP clients.

"Today, Danske Bank accepted responsibility for defrauding US financial institutions and funneling billions of dollars in suspicious and criminal transactions through the United States," pointed out Assistant Attorney General Kenneth Polite, of the Justice Department's Criminal Division.

"Danske Bank lied to U.S. banks about its deficient anti-money laundering systems, inadequate transaction monitoring capabilities, and its high-risk, offshore customer base in order to gain unlawful access to the U.S. financial system," Polite added.

Separately, the bank has agreed to pay the US Securities and Exchange Commission (SEC) $413 million to settle charges that it misled investors about its compliance with anti-money laundering requirements, the SEC confirmed.

Read more: Denmark to form new government with new left-right coalition

  • United States
  • Estonia
  • US
  • US Justice Department
  • Denmark

Most Read

Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025
Tom Barrack's imperial tantrum in Beirut: When entitlement speaks (Photo by Mahdi Rtail)

Tom Barrack's imperial tantrum in Beirut: When entitlement speaks

  • Politics
  • 26 Aug 2025
Launch of a ballistic missile from Yemen toward the occupied Palestinian territories. (YAF military media)

Yemeni Forces announce firing hypersonic missile at Al-Lydd Airport

  • Politics
  • 22 Aug 2025
Although it does seem likely they will launch some kind of operation in northern Gaza, one which will accelerate its mass murder of civilians, but will fail to achieve its stated objectives. (Al Mayadeen English; Illustrated by Batoul Chamas)

Here is why the Israeli occupation of Gaza won’t work

  • Opinion
  • 26 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Microsoft fires workers over protest against ties to 'Israel'
Technology

Microsoft fires workers over protest against ties to 'Israel'

OpenAI sued after teen’s suicide linked to ChatGPT use
Technology

OpenAI sued after ChatGPT 'encouraged' teen to commit suicide

Soldiers stand in guard as people wait outside a courthouse before the trial of 497 defendants, in Sincan, outside the capital Ankara, Turkey, Wednesday, April 7, 2021 (AP)
Politics

Turkey arrests defense firm top executives amid espionage probe

Study links deforestation to over half a million deaths
Politics

Study links deforestation to over half a million deaths in two decades

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS