Daily Management Review

Danske Bank to pay U.S. over allegations of hiding customer data


Danske Bank would pay the United States billions of dollars in response to claims that it had concealed client data.

Jimmy Baikovicius
Jimmy Baikovicius
The Department of Justice reported that Danske Bank, the largest bank in Denmark, has agreed to pay US$ 2 billion to the American authorities to resolve claims that it withheld information about its "high-risk customers," particularly those from Russia, from American colleagues.

The authority claims that Danske Bank had misled US banks about the clients of its Estonian subsidiary and the anti-money laundering practices used in it by citing court records.

The press release reads, "Danske Bank A/S (Danske Bank), a multinational financial organization with headquarters in Denmark, pleaded guilty today and agreed to forfeit $2 billion to end the U.S. investigation into Danske Bank's fraudulent operations against U.S. banks."

Authorities in the United States claim that the bank's actions were intended to give "high-risk customers of Danske Bank Estonia who resided outside of Estonia, notably Russia," access to the American financial system.

source: cnn.com