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”
Danske Bank CEO Quits Amid Dutch Probe of Laundering Allegations
Frances Schwartzkopff and Joost Akkermans, 19 April 2021
Danske Bank A/S is replacing Chris Vogelzang as chief executive officer after a Dutch money-laundering investigation implicated the former ABN Amro Bank NV executive, complicating the Danish lender’s efforts to get past its own scandal.
Vogelzang, who had run Denmark’s biggest bank for less than two years, will be replaced by Danske’s head of risk management, Carsten Egeriis. The move comes after authorities in the Netherlands named Vogelzang “a suspect in connection with their investigations of potential violations of Dutch legislation relating to the prevention of money laundering at ABN Amro,” Danske said. Continue reading “Article: Danske Bank CEO Quits Amid Dutch Probe of Laundering Allegations”