Danske Bank (OTCPK:DNSKF) slumps 6.1% in trading in Copenhagen after the Wall Street Journal reports that Denmark's largest bank is analyzing about $150B of transactions at its Estonian branch between 2007 and 2015 as part of an internal money-laundering probe.
Much of that amount came from companies with ties to Russia and the former Soviet Union. The bank hasn't determined how much of the $150B handled by non-Estonian entities should be considered suspicious, but it suggests that the $8B of suspected money-laundering transactions previously reported could increase much more.
Danske’s Estonian branch is the focus of criminal investigations in Denmark and Estonia, according to prosecutors in those countries.
Shell companies controlled most of the accounts in question, with many accounts linked to people in Russia and the former Soviet Union countries.
Previously: Danske Bank A/S reports Q2 results (July 18)
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