Financial authority to close Danske Estonia branch

ERR has learned that the Estonian Financial Supervisory Authority (FSA) has issued a precept which requires the Estonian branch of Danske Bank to close.

The Tallinn branch of Danske, a Danish-owned bank, has been at the centre of a money laundering scandal. Around €200 billion in potentially illicit funds, principally from the Russian Federation and other former Soviet nations, is thought to have passed through the branch between 2007 and 2015.

The story came to light through the course of 2018, causing Danske chief Thomas Borgen to resign, and the arrest of 10 Danske Estonia employees and former employees.

Read more from ERR News

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