Dankse Bank to pay $400m to settle SEC charges over AML compliance failures

Mark Battersby
clock • 2 min read

The US Securities and Exchange Commission has made fraud charges against Denmark-headquartered Danske Bank for misleading investors about its anti-money laundering (AML) compliance program in its Estonian branch and failing to disclose the risks posed by the program's significant deficiencies.  Danske Bank agreed to pay $413m to settle the SEC's charges, the SEC said in a statement on 13 December.  According to the SEC's complaint, when Danske Bank acquired its Estonian branch in 2007, it knew or should have known that a substantial portion of the branch's customers were engaging in t...

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