"Simply Not Good Enough" - $234 billion ML scandal at Danske Bank focuses on Estonian branch where red flags were raised in 2014, IT Partly Blamed

The money laundering scandal at Danske Bank (literally "Danish Bank", whose motto is "Making More Possible") led to the resignation of Thomas Borgen, CEO. Denmark's business minister, Rasmus Jarlov, expressed his disappointment, with the remark "simply not good enough". Shares fell by 8% as the bank admitted a "significant part of the payments" were suspicious. A whistleblower raised concerns in the Estonian branch as early as 2014 but this was not properly investigated and information was not shared with the board. Prior to resigning, Borgen had been cutting costs and shifting the bank's focus to wealthier clients to compete with Nordea, the Nordic region's biggest bank. IT has been partly blamed, with a decision not to integrate the Danske Bank Group platform into the Estonian subsidiary, evading AML procedures as well as transaction and risk monitoring.

Estonia Counts In on the Euro

Estonia is now the 17th member of the Eurozone. PM Andrus Ansip said what was a small step for the Euro was a big step for Estonia.