The snowballing money-laundering scandal at Danske Bank A/S has led European Union authorities to investigate whether the lenders’ supervisors did enough to prevent it.
The European Commission, the EU’s executive arm, called on the bloc’s banking regulator to determine if Danske’s supervisors in Denmark and Estonia followed the rules in handling the case. Danske may face a fine as high as $1.7 billion, according to analysts at Svenska Handelsbanken AB, after it admitted that its Estonian unit may have been used to launder a “large” part of about $234 billion between 2007 and 2015.
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