The Danske case revealed potential loopholes in European legislation, which may force a rethink of the privacy protection laws. danske
Jesper Berg, the director general of the Danish FSA, attends a parliamentary hearing into the Danske Bank A/S money laundering scandal.
Jesper Berg, director general of the Financial Supervisory Authority in Copenhagen, says it’s clear there are “huge privacy issues.” But “we need to figure out how to resolve this.” His approach resonates in Finland, which will take over the rotating presidency of the European Union in July. At least two other Nordic banks have been caught up in the widening Estonian laundering scandal. Swedbank AB allegedly handled more than US$100 billion in potentially suspicious funds, while Nordea Bank Abp may have enabled almost US$800 million in questionable transactions. Both are accused of ties to the Danske affair.
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