Articles by Frances Schwartzkopff

Floods Could Threaten Denmark’s Financial System: Central Bank

Denmark’s central bank warned rising waters pose a threat to the financial system as property used as collateral against bank loans may be worthless in coming years, amid increasing damage by climate change to the country’s 5,000 mile-long coastline. Flood …

Norway Bank DNB Faces Fine for Failure to Comply with Money Laundering Rules

Norway’s biggest bank has been warned that it may be fined 400 million kroner ($45 million) for failing to comply with anti-money laundering rules. The Financial Supervisory Authority in Oslo criticized DNB ASA’s inadequate compliance with the Norwegian Anti-Money Laundering …

Fallout from Money Laundering Scandal Continues as Fines Loom for Swedbank

Swedbank AB acknowledged it will no longer be able to live up to its goal of paying out one of the highest dividend ratios in the Nordic finance industry. Sweden’s oldest bank, which is dealing with the fallout of a …

Money Launderers Could Begin Targeting Smaller Banks, Warns Denmark

Denmark’s financial watchdog is warning that smaller banks need to be on high alert for signs of money laundering as larger lenders tighten their surveillance systems. Jesper Berg, director general of the Financial Supervisory Authority in Copenhagen, said Denmark is …

Another Money Laundering Risk Seen Coming from Firms Providing Payment Services

As one avenue for money launderers is shut, another one may be opening. In Denmark, home to Danske Bank A/S, the authorities are now taking a closer look at companies that provide payment services. The worry is that the chain …

Update: Europe’s Dirty Money Could Total $1 Trillion, Says Anti-Corruption Investor Browder

Bill Browder, the investor who’s made a career of chasing money launderers, says the cases he’s brought against banks so far only represent a tiny fraction of the full amount in dirty money trying to get out of Russia and …

Danske Bank Investigated by French Authorities for Suspected Money Laundering

Danske Bank A/S says it’s been placed under formal investigation in France over suspected money laundering at its Estonian branch. The Copenhagen-based bank said the investigation covers transactions from 2007 to 2014 amounting to around 21.6 million euros ($24.5 million). …

Danske Money Laundering Scandal Damages Denmark’s Reputation: Regulator

Denmark’s status as one of the world’s least corrupt places has been undermined by the money laundering scandal engulfing its biggest bank, according to the country’s financial regulator. In a report examining risks facing Danish banks, the Financial Supervisory Authority …

Danske Bank’s Money Laundering Scandal Damages Client Confidence

Danske Bank A/S’s money-laundering scandal threatens to undermine its growth engine. The lender’s Nordic banking operation, which encompasses Norway, Sweden and Finland, was the only core unit of five to report higher profit in the third quarter. But now, some …

Danske Accused of Lying to French Investigators over Alleged Money Laundering

After being accused of “openly lying” to authorities in France, Danske Bank A/S says it now faces the prospect of fresh charges being brought against it in connection with a $230 billion money laundering case. Denmark’s biggest bank said on …