/   novilist.tk   / English  

2019-10-14 21:48:01

Deutsche Bank (DB +1.4%) didn't disclose more than 1M suspicious money transfers from Danske Bank (OTCPK:DNSKF) until February 2019, about five years after a whistleblower flagged the transactions at Danske, Reuters reports, citing a person with direct knowledge of the matter.

The German lender alerted Germany's money-laundering data authority and state prosecutors about the suspect money flows, the person said.

Prosecutors are now investigating whether staff or management at Deutsche approved the transactions and whether they tried to cover them up.

Danske Bank was kicked out of Estonia this year after admitting that ~EUR 200B ($220B) of suspicious funds flowed through its branch there between 2007 and 2015.

Deutsche processed the bulk of transactions for the Danish bank, leading German prosecutors to go to the German bank's headquarters last month with police and a search warrant.

In an emailed statement, Deutsche Bank told Reuters it remains committed to providing appropriate information to all authorized investigations.

It also said it's more then tripled its anti-financial crime staff since 2015 and invested EUR 700M in upgrading key control functions since 2016.

seekingalpha.com Sa Editor Liz Kiesche
bank deutsche danske suspicious transactions reuters years took flag seekingalpha money https

User comments