US law enforcement agencies are probing Danske Bank, Denmark's largest bank, over allegations of massive money laundering flows from Russia and former Soviet states through the bank's Estonian branch, according to a person familiar with the matter and documents reviewed by The Wall Street Journal.
The Justice Department, Treasury Department and Securities and Exchange Commission (SEC) are each examining Danske Bank after a confidential whistleblower complaint was filed to the SEC more than two years ago, according to the source.
The whistleblower complaint identified Deutsche Bank and Citigroup Inc., both overseen by US regulators, as involved with transactions into and out of Danske Bank's Estonian branch. Deutsche Bank acted as a correspondent bank for Danske, handling dollar wire transfers. Citigroup's Moscow office was involved in some of the transfers through Danske Bank's Estonian branch, the person familiar with the probes said.
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