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Lionel Laurent

A Danish Scandal Is a Headache for the World

The extent of one bank's alleged money-laundering should trouble regulators globally.

Flying the flag.

Flying the flag.

Photographer: Freya Ingrid Morales

It’s probably not the best idea for a bank CEO to apologize for a scandal until its full extent is known.

It turns out that the scale of alleged money laundering at Danske Bank A/S may be much worse than previously estimated back in May. The Danish lender’s Estonian operations may have been used to launder as much as $8.3 billion between 2007 and 2015, twice previous estimates, according to a local news report. So far, the bank has received little more than a stern ticking off and a request to hold more capital by the national regulator.