29 billion USD transferred through Danske Bank Estonia in one year

An investigation ordered by Danske Bank and seen by Financial Times is said to have found that close to 30 billion USD have been transferred via the Estonian branch of the bank in one year from Russian and other post-Soviet countries.

Estonian public broadcaster ERR reported on Tuesday, September 4, that Financial Times has seen a draft report commissioned by Danske Bank and prepared by consultants Promontory Financial about transactions between 2007 and 2015 that peaked in 2013, with the bank holding close to 30 billion USD in foreign clients’ assets.

Citing a source close to the investigation, the Financial Times wrote that given the small size of the branch, such a sum was shocking, so the management of the branch should have checked the possibility of money laundering in a part of its transactions.

Danske’s chairman of the board, Ole Andresen, has however, urged to wait for the investigation’s final «conclusions based on confirmed facts» and admitted that questions linked to the Estonian branch’s holdings at the time are seen know as being larger than initially assumed.

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