On Dec. 13, 2022, the Department of Justice announced that Danish global financial institution Danske A/S (Danske Bank) pled guilty and agreed to forfeit $2 billion to resolve an investigation into fraudulent representations it made to U.S. banks about its anti-money laundering (AML) controls in Estonia. As part of a parallel proceeding, the SEC also announced that Danske Bank agreed to pay $413 million to settle charges for misleading investors about its Estonian AML compliance program and failing to disclose risks posed by the program’s deficiencies.
Danske Bank Pleads Guilty, Agrees to Pay More Than $2 Billion in Coordinated Resolution of Investigations into Fraud Related to Its Anti-Money Laundering Controls
