Danske Bank A/S · money laundering · banking · criminal prosecution · plea agreement
Did Danske Bank admit wrongdoing over its Estonian branch?
Yes. On 13 December 2022 Danske Bank A/S pleaded guilty in the United States to one count of conspiracy to commit bank fraud and agreed to forfeit 2.059 billion dollars over its Estonian branch's non-resident business. It also reached a resolution with the Danish Special Crime Unit for a fine and confiscation under Danish anti-money laundering law, and settled with the SEC. The bank says its three-year US probation concluded in December 2025, ending the US case.
Last verified 30 October 2026. United States · Denmark · Estonia
The record at a glance
| What was alleged? | The US Department of Justice alleged that between 2008 and 2016 Danske Bank, through its Estonian branch, defrauded US banks about its anti-money laundering controls and its non-resident customers, many high risk and some in Russia, in order to process about 160 billion dollars through US banks.1,2 |
|---|---|
| Who made the claim? | US Department of Justice and US Attorney's Office for the Southern District of New York, 13 December 2022 |
| How did Danske Bank respond? | Danske Bank's position is that it fully accepts the findings, apologises unreservedly and takes full responsibility for past failures and misconduct at the Estonian branch.3 (the subject's position) |
| Was there an official finding? | Danske Bank pleaded guilty in the United States to one count of conspiracy to commit bank fraud relating to its Estonian branch, and agreed to forfeit 2.059 billion dollars.1,2 |
| Was liability determined? | Admitted by the subject. Danske Bank A/S pleaded guilty to conspiracy to commit bank fraud in the US and accepted a fine and confiscation in Denmark. The plea concerns deceiving US banks about AML controls and is not a US conviction for money laundering itself.1,3 |
| What changed later? | As of 30 October 2026, the US case is closed after probation ended in December 2025, according to Danske Bank.6 |
| When was this checked? | 30 October 2026 |
What was alleged?
The US Department of Justice alleged that between 2008 and 2016 Danske Bank, through its Estonian branch, defrauded US banks about its anti-money laundering controls and its non-resident customers, many high risk and some in Russia, in order to process about 160 billion dollars through US banks.1,2
Made by US Department of Justice and US Attorney's Office for the Southern District of New York on 13 December 2022.
What did Danske Bank say?
Danske Bank's position is that it fully accepts the findings, apologises unreservedly and takes full responsibility for past failures and misconduct at the Estonian branch.3
"We offer our unreserved apology and take full responsibility for the unacceptable failures and misconduct of the past."
Martin Blessing, Chairman, Danske Bank A/S, 13 December 2022. This is the subject's own account, not a finding.
What do independent records show?
Guilty plea to one count of conspiracy to commit bank fraud
US District Court for the Southern District of New York (plea), US Department of Justice, 13 December 2022
Danske Bank pleaded guilty and agreed to criminal forfeiture of 2.059 billion dollars. The department credited about 850 million dollars paid to the SEC and Danish authorities.1,2
SEC settlement (as described by DOJ)
US Securities and Exchange Commission, 13 December 2022
About 413 million dollars, including a civil penalty of 178.6 million dollars.1
Agreement on fine and confiscation (as described by Danske Bank)
Danish Special Crime Unit, 13 December 2022
Danske Bank agreed to a fine and confiscation totalling DKK 4,749 million for violations of the Danish Anti-Money Laundering Act and the Financial Business Act, to be presented at a hearing at the City Court of Copenhagen where the bank would accept the charges.3,4
Sentencing (as reported)
US District Court for the Southern District of New York, 5 January 2023
Danske Bank was sentenced to three years of probation and forfeiture in line with the plea agreement.5
Company announcement no. 55/2025
Danske Bank A/S, 15 December 2025
The bank said its three-year corporate probation with the DOJ had concluded, ending the US case over the Estonian non-resident portfolio.6
What was established?
- Danske Bank pleaded guilty in the United States to one count of conspiracy to commit bank fraud relating to its Estonian branch, and agreed to forfeit 2.059 billion dollars.1,2
Distinctions that matter here
- The US guilty plea is to conspiracy to commit bank fraud against US banks, not to a money laundering charge.
- The Danish resolution is an accepted fine and confiscation for breaches of AML and financial business law.
Was liability determined?
Admitted by the subject. Danske Bank A/S pleaded guilty to conspiracy to commit bank fraud in the US and accepted a fine and confiscation in Denmark. The plea concerns deceiving US banks about AML controls and is not a US conviction for money laundering itself.1,3
What remains unresolved?
- Estonia's State Prosecutor's Office announced charges against six former employees of the Estonian branch in April 2023, as reported. The outcome was not researched for this entry.
- The exact date and docket of the Copenhagen City Court approval were not confirmed from a primary record.
What is the current status?
As of 30 October 2026, the US case is closed after probation ended in December 2025, according to Danske Bank.6
As of 30 October 2026. No next proceeding is scheduled in the records we found.
Timeline
- Danske Bank pleads guilty in the US and announces coordinated US and Danish resolutions.1,3
- US court sentences Danske Bank to three years of probation (as reported).5
- Danske Bank announces the end of its US probation.6
Sources
- US Department of Justice, Office of Public Affairs, Danske Bank Pleads Guilty to Fraud on U.S. Banks in Multi-Billion Dollar Scheme to Access the U.S. Financial System, 13 December 2022 · document record Government, parliamentary or audit document
- US Attorney's Office, Southern District of New York, Danske Bank Pleads Guilty To Fraud On U.S. Banks In Multi-Billion Dollar Scheme To Access The U.S. Financial System, 13 December 2022 · document record Government, parliamentary or audit document
- Danske Bank A/S (via Euronext), Company announcement no. 16/2022: Danske Bank reaches coordinated resolutions with the US and Danish authorities regarding the Estonia matter, 13 December 2022 · document record Filing or formal statement by the subject
- Mondaq, Danske Bank Has Been Ordered To Pay Hundreds Of Millions In Denmark For Its Money Laundering Failings In Estonia, 22 December 2022 Secondary commentary
- Willkie Compliance Concourse, Danske Bank sentenced to three years probation and forfeiture, 6 January 2023 Secondary commentary
- Danske Bank A/S (via Inderes), Danske Bank confirms conclusion of US Department of Justice probation (company announcement no. 55/2025), 15 December 2025 · document record Filing or formal statement by the subject
- Willkie Compliance Concourse, State prosecutors in Estonia charge six former Danske Bank executives with money laundering crimes, 18 April 2023 Secondary commentary
Revision history
- 30 October 2026: First published after source verification.
Related: Danske Bank A/S, money laundering, banking, criminal prosecution, plea agreement, United States, Denmark, Estonia. To submit a document or request a correction, see right of reply.