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

DANSKE BANK A/S

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

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05/15/2019 | 09:20am 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 financial crimes.

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.

Regulators plan to share information from their onsite bank inspections, Morten Baltzersen, director general of Norway's financial regulator, Finanstilsynet, said in a statement.

A formal agreement among regulatory agencies is expected to be finalized in the coming months, Mr. Baltzersen said.

A spokeswoman for Swedbank said the bank welcomes the tighter collaboration among regulators. "Money laundering has become a race between criminals and legislators, authorities, financial institutions and financial intelligence units," she said. "This step will strengthen the anti money laundering work and our collaboration with the authorities."

A spokesman for Danske didn't immediately respond to request 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 -1.93% 98.7 Delayed Quote.-21.88%
DANSKE BANK AS (ADR) -1.30% 7.61 Delayed Quote.-22.82%
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Financials (DKK)
Sales 2019 45 269 M
EBIT 2019 19 615 M
Net income 2019 14 441 M
Debt 2019 -
Yield 2019 8,63%
P/E ratio 2019 6,04
P/E ratio 2020 5,96
Capi. / Sales 2019 1,92x
Capi. / Sales 2020 1,87x
Capitalization 86 822 M
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Number of Analysts 22
Average target price 151  DKK
Spread / Average Target 50%
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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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