Danish bank CEO quits ahead of report on Estonia branch

September 19, 2018 - 1:57 am

COPENHAGEN, Denmark (AP) — Denmark's largest bank says its chief executive is resigning, hours before it presents the conclusions of an internal report into alleged major money laundering via its Estonian branch.

Thomas Borgen said in a statement Wednesday that "Danske Bank has not lived up to its responsibility in the case of possible money laundering in Estonia. I regret that deeply."

Borgen said that despite being cleared by the report "I think the right thing for all parties is that I resign."

In May, Danish regulators said there had been "serious shortcomings" in the anti-money laundering activities of Danske Bank in Estonia, following reports this year of money flows from family members of Russian President Vladimir Putin.

Danske Bank was given eight orders to be fulfilled by June 30.

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