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Europe's Dirty Money Machine Is a Lot Bigger Than First Thought

  • Correspondent banks are drawn deeper into Danske Bank case
  • Danske’s watchdog expects more banks to be probed in scandal
The headquarters of Danske Bank A/S stands in Copenhagen, 

The headquarters of Danske Bank A/S stands in Copenhagen, 

Photographer: Freya Ingrid Morales/Bloomberg
Updated on

As the Danske Bank A/S laundering scandal grows in scope, Denmark’s financial regulator now says it’s expecting other countries to investigate how their banks might have been involved.

In testimony to European lawmakers this week, a whistle-blower revealed that another seven banks, and countless shell companies, were involved in the $230 billion case. The list includes three correspondent banks, which Bloomberg and other media have identified as Deutsche Bank AG, JPMorgan Chase & Co. and Bank of America Corp.