Investor Presentation - FY 2023
Danske Bank
The Resolutions with the Danish and U.S. Authorities
In December 2022, Danske Bank reached the final resolutions with the U.S. Department of Justice (DOJ), the U.S. Securities and Exchange Commission (SEC) and the
Danish Special Crime Unit (SCU) following the investigations in relation to the non-resident portfolio at Danske Bank's former branch in Estonia. The resolutions marked an
end to the investigations, while also emphasising the importance of the journey ahead.
Pre-Resolution
Already during the investigations, Danske Bank:
Made significant investments in building systems and
upgrading our compliance, risk and control capabilities
Started implementing a comprehensive transformation
program, the Financial Crime Plan (FC Plan), which has
now been completed
Provided full cooperation with the investigation, which
has been acknowledged by the U.S. authorities in the
form of a cooperation credit
The Plea Agreement
Danske Bank's Plea Agreement with the DOJ sets out a
number of obligations, including:
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Broad disclosure obligations (§11, 13 and 30 of the
Plea Agreement and § 13 of Appendix D)
Compliance Commitments and Compliance Reporting
Requirements (Appendices C and D)
Obligations to meet with U.S. authorities quarterly to
discuss progress of the remediation (Appendix D)
■ Certification requirements (Appendices E and F)
As part of the Plea Agreement, Danske Bank is placed on
corporate probation for three years, which is a period of
supervision by the U.S. court. Danske Bank will comply
with all terms of corporate probation
Post-Resolution
Danske Bank has set up a comprehensive program to
manage the post-resolution obligations in three phases:
1. Addressing immediate disclosure obligations and
escalation procedures [completed]
2. Submitting work plan outlining how current gaps
against obligations will be addressed [completed]
3. Executing on the commitments made to the U.S.
Authorities under the Plea Agreement [ongoing]
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