Danske, Deutsche Ignored Estonia Risks in Lucrative Setup (1)

July 9, 2020, 6:42 AM

Danske Bank A/S and Deutsche Bank AG brushed off years of warnings that money flowing from Russia through an Estonian branch was suspicious.

According to a consent order made public by the New York State Department of Financial Services, Deutsche Bank only pulled out more than half a decade after its own staff pointed to the risk of money laundering at Danske’s Estonian unit, for which Deutsche was a correspondent bank.

Deutsche agreed this week to pay New York’s banking regulator $150 million for compliance violations that related to convicted sex offender Jeffrey Epstein, but also included breaches tied ...

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