Bloomberg: U.S. investigators approach Deutsche Bank, BofA, JPM in Danske probe

US Materials 16 November 2018 18:04 (UTC +04:00)

U.S. criminal investigators have requested information from Deutsche Bank, Bank of America and JPMorgan about transactions they handled for Danske Bank’s Estonia branch, which is at the center of a money laundering scandal, Reuters reports referring Bloomberg.

Danske Bank said last month it faced a U.S. criminal investigation into as much as 200 billion euro (230 billion dollars) of suspicious transactions at its Estonian branch between 2007 and 2015. The scandal has rocked investor faith in Denmark’s biggest lender and forced its chief executive and chairman to quit.

The Bloomberg report said that there were no signs that Deutsche Bank (DBKGn.DE), Bank of America (BAC.N) and JPMorgan (JPM.N), which were correspondent banks for Danske’s Estonian branch, were themselves targets for the investigation.

It said the examination of whether the three banks gave appropriate scrutiny to the Estonia transactions was part of the broader investigation of Danske led by the U.S. Justice Department and prosecutors from the Manhattan U.S. attorney’s office.

The Securities and Exchange Commission and the U.S. Treasury Department are also investigating the Danske Bank transactions through the global banks, Bloomberg said.

Deutsche Bank, Bank of America and JPMorgan declined to comment when asked about the Bloomberg report by Reuters.