Article: The Bogus “Super Dollars” That Fooled the World for Two Decades

Article - Media, Publications

The Bogus “Super Dollars” That Fooled the World for Two Decades

EXPLICA .CO, 25 May 2021

The forgery was so perfect that even US Secret Service experts could not initially determine whether it was real dollars or a copy before them.

Only after a sophisticated forensic analysis were they able to confirm that they were fakes. But those $ 100 bills were so millimeter perfect who nicknamed them “The false superdollars.” They had the same high-tech color change ink as real US dollars.

They were also printed on paper with exactly the same fiber composition as the originals: three-quarters of American cotton and one-quarter of linen. The recorded images were, if anything, finer than those produced by the United States Bureau of Engraving and Printing.

Kirill Kukhmar Even machines were hard to recognize counterfeit. A little variation, then reported the New York Times, which revealed that they were not original. The United States was very alarmed that counterfeits were passing through the banks undetectedas no one could tell the difference.

These “super dollars” circulated around the world in the 1990s and 2000s. During these years, the United States decided to change the design of the US $ 100 bills twice, but counterfeiters managed to adapt.

They appeared in Denmark, France, Austria, Germany, Latvia, Russia, the Czech Republic, and Ireland. Also in Russia.

Read Full Article

Article: How to Combat Money Laundering in Europe

Article - Media, Publications

How to Combat Money Laundering in Europe

Jesper Berg, 24 May 2021

Good luck finding a major bank in Europe that hasn’t breached money laundering regulations.

In Denmark, the two largest banks, Danske Bank and Nordea, are both currently subject to criminal investigations. BNP Paribas received the highest-ever fine in 2014, when it settled with U.S. authorities and had to pay $9 billion for sanctions violations. Many others — from HSBC and Standard Chartered in the U.K. to Deutsche Bank and UBS and Credit Suisse — have had to answer for offenses.

These cases show that living up to money laundering regulations is difficult, but not doing so is one of the biggest risks to a bank’s reputation. Banks and authorities share the same goal — to stop the bad guys — but both are struggling to find a way forward. While the European Union has proposed establishing a dedicated authority on the crime, company expenses to combat laundering are ballooning. Continue reading “Article: How to Combat Money Laundering in Europe”

Article: Danske Bank Watchdog Calls for EU Debate on Client Secrecy Rules

Article - Media, Publications

Danske Bank Watchdog Calls for EU Debate on Client Secrecy Rules

Frances Schwartzkopff, 07 May 2021

The financial watchdog overseeing Danske Bank A/S says the European Union needs to re-examine the limits of client privacy if it’s serious about fighting money laundering and other forms of financial crime.

Jesper Berg, the director general of the Financial Supervisory Authority in Copenhagen, says Europe must acknowledge that the current bias toward bank secrecy means “substantially more resources” are being spent on trying to catch illicit transactions. It also adds to the risk that there’ll be “some money laundering we won’t get at.” Continue reading “Article: Danske Bank Watchdog Calls for EU Debate on Client Secrecy Rules”

Article: Danske could absorb $3.3B money-laundering fine and still hit own CET1 target

Article - Media, Publications

Danske could absorb $3.3B money-laundering fine and still hit own CET1 target

Sanne WassRehan Ahmad,  29 March 2021

Danske Bank A/S’ capital levels and projected first-quarter earnings imply that it could withstand a money-laundering fine of 20.9 billion kroner, or $3.3 billion, today and still achieve its management common equity Tier 1 ratio target of 16%, according to S&P Global Market Intelligence estimates.

Even a penalty of more than double that size would still leave Denmark’s largest lender above its current regulatory requirement, the analysis found. “There is a long way to go before the fine becomes an issue for the bank’s capital ratio,” said Jyske Bank equity analyst Anders Vollesen in an interview.

Danske’s material capital buffer is driving down risk associated with the outcome of its Baltic dirty money scandal, according to analysts, with some even seeing scope for distribution of excess capital to shareholders through generous dividends or share buybacks once the case is settled. Continue reading “Article: Danske could absorb $3.3B money-laundering fine and still hit own CET1 target”