Danske Bank Settles French Case

Danske Bank has entered into a settlement of 6.33 million euros with French authorities in relation to the Estonian money laundering case. This amount translates to around 47 million Danish kroner. The widespread issue revolved around insufficient oversight of questionable money transfers through the bank’s Estonian branch. Previously, the bank had incurred over 15 billion kroner in fines and confiscations after reaching agreements with Danish and American officials. The French segment represents a minor fraction of the total case, and the recent settlement marks the closure of this last part. Danske Bank had set aside 80 million kroner for possible settlement costs with French prosecutors. The bank acknowledged its failure to prevent money laundering and paid 15.3 billion kroner in December 2022 to Danish and U.S. authorities, which led to a 5.1 billion kroner loss for the bank that year.