Danske Bank May Face $630 Million Fine, Danish Government Says
- Penalty would mark a record in Denmark for financial crime
- Denmark is now scrambling to respond to shock of Danske case
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Denmark’s government says Danske Bank A/S is potentially facing a fine as big as 4 billion kroner, or about $630 million, if found guilty for its role in one of Europe’s biggest money laundering scandals.
The penalty would mark a Danish record for such cases. What’s more, it doesn’t take into account potential fines that might be levied elsewhere. Bloomberg Intelligence estimates Danske may have to pay more than 1 billion euros ($1.2 billion) in total, while a Bloomberg News survey points to about $800 million, roughly matching the amount that Deutsche Bank AG and ING Groep NV paid for similar misdeeds.