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Danske Bank

Controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2020

    New York regulator fines Deutsche Bank over Epstein transactions

    Fine or penalty

    The New York State Department of Financial Services fined Deutsche Bank US$150 million over compliance failures in its dealings with Jeffrey Epstein, including processing suspicious transactions. The regulator also cited the bank’s handling of payments for Danske Bank’s Estonia branch and Federal Bank of the Middle East.

    Source excerpt

    • Deutsche Bank will pay a US$150 million (S$209 million) fine from a New York regulator for allowing disgraced financier Jeffrey Epstein to make payments to Russian models and withdraw suspicious amounts of cash during five years as a client.
    • The New York regulator said Deutsche Bank was also sanctioned for ignoring warning signs while processing billions of euros of payments for Danske Bank, which it ranked as "high-risk" in 2007, before shortly afterwards identifying alerts on its foreign customers with Russian or Latvian connections.
    • Tuesday's (July 7) settlement with the New York State Department of Financial Services is the first such action against a bank related to Epstein.
    Source

  2. 2020

    Danish regulator files criminal complaint against Danske Bank

    Investigation

    Denmark’s financial regulator filed a criminal complaint against Danske Bank over alleged violations of market abuse regulations. The regulator said the bank misinformed financial markets by facilitating wash trades and reported it to the police for market manipulation.

    Source excerpt

    • Denmark’s financial regulator has filed a criminal complaint against Danske Bank for violating market abuse regulations concerning “inadequate market monitoring and opposite trades,” the bank announced Wednesday.
    • According to the Danish Financial Supervisory Authority (FSA), between August 2016 and February 2019, Danske misinformed the financial market by facilitating so-called “wash trades,” in which securities are sold and bought by the same person.
    Source