Tuesday 23 October 2018 1:45 pm

Danish minister says Danske Bank may have misled regulators


Danske Bank may have knowingly misled investigators looking into the company’s money laundering scandal in Estonia, a Danish minister has revealed.

Business minister Rasmus Jarlov said the Danish Financial Supervisory Authority (FSA) is looking into whether the under-fire bank gave it false information.

Read more: Regulator blocks Danske Bank's pick for chief exec after €200bn scandal

“That the bank has seemingly given incorrect information to the FSA is very serious,” he said according to broadcaster DR.

“If that is the case, there may be criminal liability,” he said.

The minister added it was important to establish if Danske had knowingly provided false information, or if it simply lacked oversight of its own business. 

Read more: EU watchdog launches inquiry into Denmark's handling of Danske Bank

Authorities in several countries are probing Danske Bank’s Estonian business which at its peak processed 41 per cent of payments going out of the country, a total of almost €30bn (£26.5bn).

Last month the company said it has identified many payments believed to be suspicious, from mainly British and Russian entities, processed in Estonia between 2007 and 2015.