Danske Bank A/S

Danske Bank's Estonian branch served non-resident customers, which DOJ dates to 2008 through 2016^S1. A bank-commissioned investigation, summarised by the bank on 19 September 2018, put the total payment flow of about 15,000 in-scope customers at around EUR 200 billion and said it could not estimate the suspicious share^S3. On 13 December 2022 the bank pleaded guilty in the United States to conspiracy to commit bank fraud and agreed to forfeit US$2.059 billion^S1. It settled SEC charges for US$413 million^S2 and accepted a fine and confiscation from the Danish Special Crime Unit^S5. Press reports often described the EUR 200 billion as suspicious in full^S4. The US probation ended in December 2025^S6.

Also known as: Danske Bank, Danske Bank Estonia branch
Headquarters: Denmark
Records from: United States, Denmark
Current status: Danske Bank A/S is an operating Danish bank. It says its three-year US corporate probation ended on 13 December 2025 and that all formal regulatory processes on the non-resident portfolio of its former Estonia branch are finalised^S6.

Scope. This record covers the non-resident portfolio of the Estonian branch of Danske Bank A/S. It does not cover other banks named in Baltic money laundering cases or individual former employees.

Claims assessed

3 claims. Scores grade the evidence for each claim, not the organization.

Partly supported75
An October 2018 Al Jazeera report said some EUR 200 billion in suspicious transactions passed through Danske Bank's Estonian branch.
Press report, 16 October 20184 records citedMoney laundering
Supported98
The US Department of Justice said on 13 December 2022 that Danske Bank pleaded guilty to conspiracy to commit bank fraud and agreed to forfeit US$2.059 billion.
Regulator statement, 13 December 20223 records citedFraud
Outdated79
Danske Bank announced in December 2022 that its US resolution placed it under a period of DOJ corporate probation as part of the Estonia matter.
Company statement, 13 December 20223 records citedCorporate status

Cases and proceedings

United States v. Danske Bank A/SUS Department of Justice and US District Court for the Southern District of New York. Criminal. Not published.Stage: Guilty plea entered. Probation concluded on 13 December 2025 per the bank.
- 13 December 2022 Guilty plea to conspiracy to commit bank fraud with US$2.059 billion forfeiture^S1
- 15 December 2025 Bank confirms probation concluded^S6^S7
SEC v. Danske Bank A/SUS Securities and Exchange Commission. Civil. Not published.Stage: Settled by consent to a final judgment
- 13 December 2022 Bank agrees to pay US$413 million to settle SEC fraud charges^S2
Danish Special Crime Unit and Danske Bank A/SDanish Special Crime Unit. Criminal. Not published.Stage: Resolved by acceptance of a fine and confiscation
- 13 December 2022 Bank accepts a fine and confiscation with DKK 4,749 million payable^S5

Responses on record

Danske Bank A/S, 19 September 2018, on An October 2018 Al Jazeera report said some EUR 200 billion in suspicious transactions pas...
The bank said it could not give an accurate estimate of suspicious transactions and expected a significant part to be suspicious.^S3

Revision history

25 October 2026 Profile and 3 assessments first published. Records checked to 25 October 2026.

Source records

S1Tier A Danske Bank Pleads Guilty to Fraud on U.S. Banks in Multi-Billion Dollar Scheme to Access the U.S. Financial SystemUS Department of Justice, Office of Public Affairs. Regulator press release. 13 December 2022.Supports the guilty plea, the forfeiture amount and the US$160 billion processed through US banks. It does not give a laundered total.Link working, checked 25 October 2026
S6Tier B Danske Bank confirms conclusion of US Department of Justice probationDanske Bank A/S. Company statement. 15 December 2025.Supports the end of the US probation. It is a company statement, not a DOJ record.Link working, checked 25 October 2026
S7Tier C Danske Bank Completes U.S. Justice Department Probation PeriodDow Jones Newswires (Dominic Chopping), via Morningstar. Press report. 15 December 2025.Reports the end of the probation on the bank's announcement. It quotes no DOJ or court record.Link working, checked 25 October 2026
S2Tier A SEC Charges Danske Bank with Fraud for Misleading Investors about Its Anti-Money Laundering Compliance Failures in EstoniaUS Securities and Exchange Commission. Regulator press release. 13 December 2022.Supports the US$413 million SEC settlement. It is a settlement by consent and not a court finding.
S5Tier B Danske Bank reaches coordinated resolutions with the US and Danish authorities regarding the Estonia matterDanske Bank A/S. Company statement. 13 December 2022.Supports the aggregate US$2.06 billion, the Danish fine and confiscation, and the close of the investigations as to the bank.Link working, checked 25 October 2026
S3Tier B Findings of the investigations relating to Danske Bank's branch in EstoniaDanske Bank A/S. Company statement. 19 September 2018.Bank summary of its commissioned investigation. Supports the EUR 200 billion total flow and the absence of a suspicious estimate.Link working, checked 25 October 2026
S4Tier C Danske Bank money laundering: Europe's 'biggest scandal'Al Jazeera (Charlotte Mitchell). Press report. 16 October 2018.Origin of the wording that EUR 200 billion was suspicious. It does not cite a record fixing that amount as suspicious.Link working, checked 25 October 2026