The US investigators probing the Danske Bank money-laundering case have approached Deutsche Bank, Bank of America and JPMorgan for information, Bloomberg has reported citing undisclosed sources familiar with the development.
The US Justice Department investigators have sought information from these banks regarding transactions they handled for Danske Bank’s Tallinn branch in Estonia.
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These lenders were said to be the correspondent banks of the Danske Bank branch, which have been involved in money-laundering.
Danske Probe Details
Earlier, Danske Bank admitted that the branch transferred nearly $230bn into the global financial system. Most of the amount is procured from potential illegal activities in Russia.
The report said that the branch converted the transferred amount into US currency through Deutsche Bank, Bank of America and JPMorgan, an activity that continued from 2007 to 2015.
The incident caused the Danske Bank’s shares to plummet and forced its chairman and CEO to step down.
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By GlobalDataThe new investigation will examine if the three banks carried out proper scrutiny of these transactions.
One of the sources also told Bloomberg that the Securities and Exchange Commission (SEC) and the Treasury Department are also conducting separate investigations on Danske Bank. It is also facing investigations by Estonia’s Financial Supervisory Authority.
However, the spokespersons of the three banks declined to comment on the report.
Danske Bank also refused to comment on the report.
