April 17, 2019

European Banking authority says Estonian and Danish regulators did not violate EU law

The European Banking Authority (EBA) has announced the closure of its investigation of Estonian and Danish financial supervisory authorities, which was initiated in February 2019.  The formal investigation focused on whether the Estonian Financial Services Authority (Finantsinspektsioon) and the Danish Financial Services Authority (Finanstilsynet) violated EU law in their oversight of Danske Bank.  Finantsinspektsioon forced Danske Bank to close its high-risk non-resident portfolio in 2015, following an investigation into money laundering through non-resident accounts.

EBA news release