Two years after Danske Bank landed in hot water over the money laundering scandal at its Estonian subsidiary, the embattled bank has come under fire once again.
TV2 revealed yesterday that the bank is embroiled in yet another money laundering scandal – this time involving a Danish money exchange company and the global cash handling firm Loomis.
According to the TV2 report, the Copenhagen-based cash exchange company is suspected of using a Danske Bank account to launder upwards of 169 million kroner.
According to the police, who have named the case Operation Greed, the money exchange company got Loomis to set up an account at Danske Bank, through which the money passed over a period of seven months.
Such a composition is against Danske Bank guidelines and the money exchange company had previously been kicked out of Nordea bank due to a business model deemed too risky for the bank to be involved with.
“To ensure we know our customers, we collect and analyse information, such as in connection to the customer’s actions in Danske Bank. We expect to receive comprehensive and transparent information in this process, but we can’t always trust that we get it,” Philippe Vollot, the head of group compliance for Danske Bank, told TV2 News.
The head of the money exchange company has been arrested, while Loomis has taken steps to shed light on the issue by launching an internal investigation.