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The real cost of non-compliance

After the massive scandal which prompted EU decision regarding AML Supervision, the Estonian Branch of Danske Bank pays the price of non-compliance.

Large institutions pay fines, individuals see their career over and in certain cases prison sentences are enforced upon them.

Small branches and small independent institutions pay the heaviest price with dead sentences which closes branches and liquidate companies, sending all those who somehow were into the scheme (even without) knowing, to unemployment with no or very little chance to find a job.

Now, the Estonian branch of Danske Closes as is that was an answer to the problem.

Source

https://www.riskscreen.com/kyc360/news/estonian-bank-enters-liquidation-over-money-laundering-case/

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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