New laundering schemes can thwart even the best protections

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Danske Bank recently took a major hit from a money laundering scandal, calling fresh attention to compliance, and risk governance.

An investigation into allegations that the bank’s Estonian branch washed some $7 billion in dirty money from questionable Eastern European customers, some alleged to be involved in drugs, cybertheft, etc., has turned out to be a huge debacle for Danske Bank.

The failure of the bank to prevent money laundering in its Estonian branch has cost some executives who have bailed out, investors who were spooked — and especially, its formerly sterling reputation, with the company now earning the opprobrium of Danes who once saw the bank as one of their nation’s greatest institutions.

Bloomberg News

One lesson from the


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