One report alleges that total investor losses could reach $9bn. Onvioiusly, the anti-money laundering compliance program administered both at the bank's branch in Estonia, and at its Danish headquarters, utterly failed.
The question is whether this massive lawsuit will sufficiently frighten the world's largest banks into creating, and maintaining, an effective AML/CFT program. Most banks appears to consider regulatory fines & penalties merely the cost of doing business, and many continue, time after time, to incur penalties, without implementing serious compliance countermeasures to interdict money laundering and terrorist financing, on a real-time basis. Will the banking industry now be sufficiently alarmed, by the Danske Bank lawsuit, to fear similar actions against them, and act accordingly ?
Readers who wish more information on the litigation against Danske Bank will find it below.