If you are not following the so-called Troika Laundromat case, here are the European banks named to date who allegedly participated in the multi-billion dollar scandal by the Organized Crime and Corruption Reporting Project;
(1) Danske Bank A/S : $230bn
(2) Swedbank AB: $6bn
(3) Nordea Bank Abp: €700m
(4) ING Groep NV: Amount unknown
(5) Crédit Agricole SA: $150m
(6) Deutsche Bank AG: $889m.
(7) KBC Group NV: €10bn.
While these figures are merely allegations, and have not been proven in a court of law, or by government regulators, at this time, any efficient risk-based compliance program should take them into account, for both Country Risk purposes, as well as the risks of directly accepting funds from these financial institutions, without initiating Enhanced Due Diligence to conclusively determine both Beneficial Owners, as well as Source of Funds.