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Violation Tracker Individual Record

Company: Danske Bank A/S
Current Parent CompanyDanske Bank
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $413,000,000
Year: 2022
Date: December 13, 2022
Offense Group: financial offenses
Primary Offense: anti-money-laundering deficiencies
Secondary Offense: fraud
Violation Description: The Securities and Exchange Commission announced fraud charges against Danske Bank, a multinational financial services corporation headquartered in Denmark, for misleading investors about its anti-money laundering (AML) compliance program in its Estonian branch and failing to disclose the risks posed by the program's significant deficiencies. Danske Bank agreed to pay $413 million to settle the SEC's charges. Danske Bank consented to the entry of a final judgment in U.S. District Court permanently enjoining it from future violations and ordering it to pay $178.6 million in disgorgement, $55.8 million in prejudgment interest, and $178.6 million in a civil penalty. The SEC deemed the disgorgement and prejudgment interest satisfied by forfeiture and confiscation ordered in parallel criminal cases (see separate DOJ criminal case).
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
HQ Country of Current Parent: Denmark
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.