Denmark Charges Bank with Laundering €3.5 Billion for Russians

Denmark has charged the Nordic bank Nordea with laundering 3.5 billion euros ($3.8 billion) for Russian clients, according to a statement released by the country’s financial prosecutors on Friday.

Denmark’s National Special Crime Unit stated that Nordea failed to properly investigate transactions made by its Russian clients and ignored warnings regarding foreign exchange trades conducted in Copenhagen.

These alleged laundering activities took place between 2012 and 2015.

Nordea, headquartered in Helsinki, has acknowledged the situation and stated that it anticipated a fine, having set aside provisions for this in 2019.

“We are disappointed that this matter has been taken to court,” Nordea’s chief legal counsel Anders Holkmann Olsen said in a statement. “Nordea has previously admitted that there were deficiencies in our systems and processes for combating financial crime at that time.”

Since 2015, the bank has invested 11 billion kroner ($1.6 billion) to enhance its measures against financial crimes.

A trial date has not yet been scheduled.