Danske Bank Estonia

About Danske Bank Estonia

Danske Banks Estonia branch was at the center of one of the largest money laundering scandals in history. Between 2007 and 2015, 200 billion in suspicious transactions flowed through the branch, primarily from Russia and former Soviet states. The branch had a single compliance employee for thousands of transactions. The scandal broke in 2018. Danske Banks CEO Thomas Borgen resigned. The bank paid or set aside over 2 billion for fines. The scandal highlighted how European banks, particularly Baltic branches, served as conduits for illicit Russian money. Several other Nordic banks faced similar revelations about their Baltic operations.