Danske Bank has admitted, after an internal investigation, that some 200 billion euros flowing through its accounts were suspicious. Its CEO resigned. It is still not presently clear who in Russia moved the $235 Billion through the bank. Denmark’s financial regulator reopened a probe that it had closed in May and the top prosecution authority opened a criminal investigation.
The whistleblower who revealed the massive $200 Billion money laundering scheme from Russia through the Danish Bank Danske Bank is Howard Wilkinson, head of markets at Danske in Estonia from 2006 to 2014, according to press reports. He apparently warned manages as early as 2013 that the bank had breached numerous regulatory requirements and had a near total process failure. The bank did not begin its own investigation until 2017.
Danske Bank’s CEO resigned last week after an inquiry revealed that 200 billion euros ($235 billion) of payments, many of which the bank said were suspicious, had been moved through its Estonian branch over a period of eight years.“I can confirm that I worked as Head of Markets in the Baltics based in Tallinn from 2007 until my last working day in April 2014, just four months after my first whistleblower report to the top management in Copenhagen,” a newspaper reported Wilkinson as saying.
The case, which has triggered regulatory, political and financial shockwaves, is a risk for Denmark’s entire financial sector, the Systemic Risk Council, which monitors threats to the stability of the country’s financial system, said.