Sunday, April 11, 2021

KPMG, EY probed by police for money laundering in Denmark

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Denmark has reported the local operations of Ernst & Young (EY) and KPMG to the police amid a widening crackdown on money laundering in the country.

EY is being investigated for failing to alert the authorities to red flags linked to the Danske Bank A/S Estonian laundering case. KPMG was the auditor of Kobenhavns Andelskasse, a small local lender that was shut down last year amid concerns it was systematically used for money laundering.

The Danish Business Authority started investigating EY last year as the full scale of the Danske scandal became known.

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Denmark’s biggest bank is at the centre of a US$230 billion Estonian laundering saga that spans the years 2007 to 2015.

The financial watchdog has more recently warned that smaller lenders are also at risk of being targeted by launderers, as the biggest banks beef up their compliance efforts.

Ernst & Young is being investigated for its work auditing Danske’s accounts for 2014.

KPMG has been reported to police for its audit of the 2017 annual report of Kobenhavns Andelskasse.

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