Danske Bank Remains Under EU’s On-going Investigation

Photo credit: ft.com

Earlier in the year, Danske bank was relieved to hear that they had not broken any EU laws during the region’s biggest money laundering scandal. However, the European Union is continuing its investigations and hopes to get details from Denmark and Estonia if they are to move forward.

Alexandra Jour-Schroeder, a senior official in the commission’s justice department, told the European Parliament on Thursday “the EU’s executive arm, is still examining the matter to see if it should open a so-called infringement procedure.” There is still the chance of the countries being penalized if found guilty of breaking EU Laws.

Danske is trying to stay afloat as criminal investigations for money laundering continue in multiple countries, especially after the $230 billion transactions scandal which emerged last year. To move forward, the bank has replaced a team of top managers to help steer Denmark’s biggest bank out of the fallout of its vast money laundering scandal on Thursday. Stephan Engels will become Chief Financial Officer in April, replacing Christian Baltzer, who will leave the bank after less than a year. The new management will be joining under Chief Executive Officer Chris Vogelzang, who started at Danske in June.

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