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AP National Business

Danske Bank books $1.9 bln provision to settle Estonia case

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Published 6:55 AM

HELSINKI (AP) — Danish lender Danske Bank says it will book a 14 billion Danish kroner ($1.9 billion) provision in the third quarter for impending fines related to the bank’s involvement in a massive money laundering scandal in Estonia. The CEO said that “the discussions with U.S. and Danish authorities related to the Estonia matter are now at a stage where Danske Bank can reliably estimate the total financial impact. Danske Bank, Denmark’s largest bank, admitted in 2018 that some 200 billion euros (dollars) of suspicious origin had flown through accounts at its Estonian branch from 2007 to 2015, following reports of transfers, including from family members of Russian President Vladimir Putin.

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