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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Danske Bank A/S    DANSKE   DK0010274414

DANSKE BANK A/S

(DANSKE)
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Danske Bank A/S : Nordic, Baltic Regulators Agree to Share Info on Money-Laundering Threats

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05/14/2019 | 05:05pm EDT

By Kristin Broughton

Financial regulators in eight Nordic and Baltic countries have agreed to share more information about money-laundering threats in an effort to fight money laundering and terrorist financing.

Regulators said they plan to develop a coordinated process for exchanging information across Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. A formal agreement among the agencies is being drafted, the regulators said.

The measures by Nordic and Baltic regulators comes as banks in the region face questions about safeguards for spotting financial crimes. The questions have had a significant impact, prompting credit ratings firms to cut their outlooks and banks to reshuffle their management. The move is the latest joint effort by financial regulators and banks across the globe to improve their anti-money-laundering compliance.

Swedbank A/B is facing a series of investigations into its handling of customers who displayed potential money-laundering risks. Danske Bank A/S, meanwhile, is looking to turn the page after it disclosed that $230 billion of potentially illicit funds, mostly from Russia, may have passed through its Estonian operations.

"Closer cross-border cooperation between supervision authorities plays a key role in strengthening anti-money-laundering capabilities across the region, Vytautas Valvonis, director of the Bank of Lithuania's supervision service, said in a statement that accompanied the announcement of the agreement last week.

No details were provided about the type of information regulators plan to share, or the timing of the formal agreement.

Representatives of Swedbank, Danske and the regulatory agencies didn't immediately respond to requests for comment.

Financial regulators in Nordic countries have a long track record of sharing information with each other, according to Monique Melis, a managing director in Duff & Phelps LLC's compliance and regulatory consulting practice. The effort to include Baltic regulators highlights concerns about transactions with links to Russia, she said.

The recent tumult at Danske and Swedbank has prompted Scandinavian regulators to take a stronger stance on anti-money laundering, Ms. Melis said. "They sort of sailed through the last banking crisis, and now this is a major issue," she said.

Financial information-sharing efforts have taken hold elsewhere in the world. Several of the biggest U.S. banks, for instance, have been working together to share data, such as the names of potentially suspicious account holders and dates of financial transactions.

Such efforts, which also have been launched in Australia, Singapore and the U.K., have attracted pushback from consumer privacy advocates, who have expressed concerns about the handling of sensitive data, among other issues.

Write to Kristin Broughton at kristin.broughton@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
DANSKE BANK A/S -3.08% 100.7 Delayed Quote.-19.39%
DANSKE BANK AS (ADR) -2.89% 7.7299 Delayed Quote.-20.32%
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Financials (DKK)
Sales 2019 45 281 M
EBIT 2019 19 643 M
Net income 2019 14 464 M
Debt 2019 -
Yield 2019 8,36%
P/E ratio 2019 6,23
P/E ratio 2020 6,15
Capi. / Sales 2019 1,98x
Capi. / Sales 2020 1,93x
Capitalization 89 581 M
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 151  DKK
Spread / Average Target 45%
EPS Revisions
Managers
NameTitle
Jesper Nielsen Chief Executive Officer & Head-Banking
Karsten Dybvad Dalsjö Chairman
James Martin Ditmore COO, Group Head-Services & IT
Christian Baltzer Chief Financial Officer
Charlotte Hoffmann Director
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