London Daily

Focus on the big picture.
Saturday, Aug 29, 2026

Deutsche Bank took years to flag suspect Danske money flows

Deutsche Bank took years to flag suspect Danske money flows

Deutsche Bank did not disclose more than one million suspect money transfers with Danske Bank until February, a person with direct knowledge of the matter said, about five years after a whistleblower flagged suspicious transactions at Danske.

Deutsche sent alerts about the suspect money flows involving the Danish bank to Germany’s money laundering data authority and state prosecutors, the person said, prompting investigators to seek more information from Deutsche.

Prosecutors are now investigating whether staff or management at Deutsche sanctioned the transactions, and whether they subsequently tried to cover them up, the person said, speaking on condition of anonymity.

Deutsche did not comment on the time taken to flag the transactions to authorities, which has previously not been reported, but said it ended its relationship with Danske in 2015 and had strengthened its anti-money laundering controls.

Danske Bank was ejected from Estonia this year after admitting 200 billion euros ($220 billion) of suspicious money flowed through its branch there between 2007 and 2015.

Deutsche was dragged into the scandal because it processed the bulk of the transactions for the Danish bank, leading German prosecutors to visit Deutsche’s headquarters last month with police and a search warrant.

Asked about the case, Deutsche said in an emailed statement that it “remains committed to providing appropriate information to all authorized investigations.”

“We have considerably increased staff numbers in Anti-Financial Crime and more than tripled our staff since 2015. We invested since 2016 700 million euros in upgrading our key control functions there.”

Following the information from Deutsche, German prosecutors visited their counterparts in Estonia in recent weeks to investigate the suspect money flows further, the person said.

Prosecutors are now investigating a small fraction of the 1.1 million transfers flagged by Deutsche, involving Russia and former Soviet states in 2014 and 2015, the person added.

If investigators find that Deutsche staff or management sanctioned and covered up its involvement in the suspicious transactions, those bankers or the group itself could face criminal prosecution, the person said.

That would deal another blow to Deutsche’s reputation and a setback to Chief Executive Christian Sewing’s drive to turn around Germany’s biggest lender.


INVESTIGATIONS

Once Germany’s flagship bank on Wall Street, Deutsche has been shrinking to try to return to sustainable profitability and has been hit by a string of penalties, including a $7.2 billion fine in 2017 for selling toxic U.S. mortgages before the financial crash.

Now, it faces a series of investigations, including one over sham trades to move hundreds of billions of roubles out of Russia, as it struggles to regain the trust of investors, staff and politicians in Germany.

Deutsche is one of a number of large international banks to become embroiled in a money laundering scandal in the Baltics, former Soviet satellite states on the edge of Europe that often acted as a staging post for money leaving Russia for the west.

A spokesman for Deutsche said it ended the relationship with Danske in 2015 after identifying “an increase in suspicious transactions from Danske clients over an extended period of time.”

But it is unclear why Deutsche did not report the suspicious fund transfers until earlier this year.

Germany’s Financial Intelligence Unit, which gathers the so-called suspicious activity reports, declined to comment.

A person familiar with the matter said the time taken to report the transactions was unlikely to lead to a penalty from German financial regulator BaFin because Deutsche’s role as a so-called correspondent bank was secondary to Danske.

Newsletter

Related Articles

0:00
0:00
Close
UK Hospitality Industry Reports Stronger Summer Trading but Seeks Tax Relief
Reform UK Proposes £30 Tax Credit for Long HMRC Helpline Waits
Labour Debates Caps on Political Donations Ahead of Future Elections
England Accelerates Housing and Planning Reforms Amid Affordability Crisis
NHS Expands Walk-In Community Health Centers to 40 Locations
UK Regulators Expect Meta to Apply Stronger Child Safety Standards Globally
UK Groups Demand Faster Transport Decarbonization After Extreme Summer Weather
UK Launches 10,000 Work Experience Placements as Youth Unemployment Concerns Rise
UK Government Faces Difficult Autumn Budget Choices Over Defense, Spending and Taxes
UK Government Rejects Calls to Slow AI Data Center Expansion
IMF Raises UK Growth Forecast to 1% Despite Global Supply Chain Risks
UK Unsecured Loan Defaults Reach Highest Level Since 2009
UK Energy Price Cap to Rise 4% to Three-Year High of £1,723
More Than 30 Britons Reported Missing After Deadly Nepal-Tibet Floods
Royal Navy Tracks Russian Warships and Sanctioned Vessels in 72-Hour Operation
Police Intensify Investigation Into Organised Crime-Linked Violence in Middlesbrough
UK Small Businesses Face Continued Revenue and Tax Pressures, Federation Says
M&G Real Estate Buys West Sussex Affordable Housing Portfolio for £29 Million
Royal Navy Warship HMS Tamar Visits Cambodia for Regional Security Engagement
UK Government Brings Forward Benefit Payments Ahead of August Bank Holiday
Four Men Plead Guilty to Arson Attack on Jewish Community Ambulances in North London
Ofgem Raises Great Britain’s Household Energy Price Cap by Four Percent From October
UK Government Rejects Green Party Call for Artificial Intelligence Datacentre Moratorium
Millions of UK Benefit Recipients Receive Payments Early Ahead of August Bank Holiday
UK Prime Minister Meets Northern Ireland Leaders in Belfast Over Budget Crisis
Crypto Tax Gains Reach One Point Three Eight Billion Pounds Among UK Investors, HMRC Data Shows
UK Corporate Confidence Rises to Highest Level Since March, Lloyds Survey Shows
Mike Ashley Attacks UK Government Business Rates and Cost-of-Living Policies
Scottish Universities Face Two Hundred Million Pound Annual Funding Gap, Report Warns
Entertainment Figures Urge UK Government to Protect People From AI Voice Cloning
Manchester Airports Group Confirms Customer Data Breached in Cyberattack
Seven Charged Over Vandalism at Donald Trump’s Turnberry Golf Resort in Scotland
Nearly 23,000 UK Households Expected to Move Home on Busiest Day of 2026
UK Benefit Payments to Arrive Early Ahead of August Bank Holiday
Reform UK Pledges to Replace GDPR and Cut Tax Administration Red Tape
Andy Burnham Launches Work Experience Plan for One Million Young People Outside Education or Work
Andy Burnham Faces Labour Backlash After Dropping Support for Political Donations Cap
Andy Burnham Announces UK-Wide Summit With Leaders of Scotland, Wales and Northern Ireland
Met Office Warns of Heavy Rain and Flood Risk Across England and Wales After Summer Heat
Bank of England Warns AI Adoption Could Reduce Demand for Automatable Jobs
UK Confirms National Salmonella Outbreak With More Than 200 Cases
UK Airports Handle Record 81 Million Passengers Despite Middle East Disruption
Ofgem Raises UK Energy Price Cap by Four Percent to £1,723
Cyber Attack Hits Customer Data Systems at Manchester, Stansted and East Midlands Airports
TSA Unveils Major Airport-Security Overhaul as It Drops Gold+ Privatization Plan
CIA Chief Warned Russia Against Attacking NATO in Secret Moscow Mission
Raheem Sterling Charged With Dangerous Driving After Lamborghini Crash
The Secret Dolly Parton Kept Until Her Death: "She Was Much Sicker Than She Let On"
Middlesbrough House Fire Kills Woman and Seven-Year-Old Girl
Prince Harry and Meghan Markle Return to UK Amid Renewed Media Attention
×