Danske Bank Money Laundering..edited.docx - Danske Bank...

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Danske Bank Money LaunderingMoney laundering involves the activity of making a large amount of money illegitimately throughcriminal activity such as drug trafficking or terrorist funding to appear to have come from a legitimate source. Danske Bank Money -Laundering fraud is one of the most massive money-laundering scams in history;it began in 2007 following the acquisition from Danske Bank of Finnish Sampo Bank also had an Estonian branch. Between 2007 and 2015, about €200bn of suspicious transactions originating from Russia and elsewhere circulated through its Estonian branch a non-resident portfolio. At this particular branch during the year 2007 to 2013, about 44 percent of all of its deposits came from 10,000 customerswho are non-residents of Estonia. Between the years 2007 and 2015, these corresponding customers conducted 7.5 million transactions in total, that circulation of money added up to about 200 billion euros. Danske Bank did not have the same amount of insight into this branch's activity and assumed it was taking appropriate anti-money laundering procedures because the Estonian branch had its own IT platform and many documents were written in Estonian and RussianThe report produced by Bruun & Hjejle justified that this was not the case. The bank did not know enough about its customers and their controlling interests. The report shows that 42 employees and eight former employees may have allegedly been colluding with criminals to support this money

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