Europe is a continent with many countries situated on it. These countries are part of the European Union. The countries of Europe are worldly known as most developed counties. But they are not safe from corruption. There is a list of most corrupt European countries. When countries are corrupt then it is certain that the banks in those states are corrupt too. Money laundering is the most common version of corruption in these countries. There are very famous and large baking frauds in the history in which
money laundering cases reported from one country to another. The banks are even fined for not reporting money laundering scandals. Some banks file for bankruptcy when they are about to collapse due to corruption charges. In this article top, twenty corrupt banks in Europe have been mentioned. There is no specific order to be followed here. Read this article and know how these banks are involved in corruption. Mostly largest banks are part of corruption.
1- Danske Bank Denmark
This bank has a famous money laundering case known as the Danske Bank money laundering scandal. This is the largest money-laundering scandal in the history of Europe. There was a suspicious transaction of around 200 billion Euros.
2- Banco Espirito Santo (BES) Portugues
The former chief of this bank was held responsible for the collapse of BES. This bank was the largest lender in Portuguese. The culprit was responsible for money laundering and fraud cases.
3- Nordea Bank Denmark
It is the largest financial institution of Nordic countries. Nordea bank along with Danske bank reported being involved in bribery and global corruption.
4- Julius Baer Bank Switzerland
This bank was accused of money laundering case. This bank aided Venezuelan clients in the suspicious transactions of 70 million dollars despite knowing that the culprit is facing corruption charges.
5- Deutsche Bank Germany
This is the biggest lender in Germany. This bank is notorious for its many scandals. The financial authorities of the United States and the United Kingdom fined Deutsche bank for laundering Russian money.
6- Falcon Private Bank Switzerland
This bank along with other banks was found to be involved in the 1MDB scandal. The bank violated policies concerning the money laundering scheme.
7- Santander Bank Germany This bank of Germany is under investigation. The bank has played its huge role in tax fraud schemes. Currently, the bank is being investigated for six major tax frauds.
8- Banco Bilbao Vizcaya Argentaria Spain
This bank ranks second largest in Spain is not free from corruption charges. The court of Spain charged this bank with a breach of confidence along with corruption.
9- ABN Amro Netherland
The scandal of ABN Amro is one of the biggest corruption cases all around the world. This bank is under investigation for money laundering scheme.
10- Wirecard Germany
It is best known as the Wirecard scandal. The surprising thing is the downfall of Wirecard was due to accounting scandals. CEO of Wirecard was held responsible for missing money.
11- KBC bank Brussels
In the money laundering case, banks play an important role. That shows how corrupt a bank is. KBC bank played its role in tax fraud and money laundering scheme.
12- Société Générale France
This bank was fined 860 million dollars over the allegations of the United States Justice Department. The bank was charged with corruption. It is one of the largest banks in Europe.
13- Banca de Economii Moldova
This bank along with two other banks was involved in the money-laundering scheme. Approximately two billion dollars were transferred to other countries.
14- Commerzbank Germany
This bank is located in Germany. Commerzbank was fined for not following money laundering rules. The bank was charged by the financial conduct authority of the United Kingdom.
15- DNB Bank Norway
DNB is the biggest bank in Norway. Recently this bank is found to be part of money laundering cases in Icelandic corruption. the bank was involved in money laundering of 70 million dollars from Iceland to shell companies. other than that DNB is under investigation for corruption.
16- Cyprus Cooperative Bank Cyprus
The Cypriot finance minister was held accountable for the collapse of Cyprus Cooperative Bank. He was charged for bribery and corruption.
17-Corp Bank Bulgaria
The corporate commercial bank of Bulgaria that was known as corp bank was shut down due to the former owner. He was charged for corruption.
18- Union Bank of Switzerland
Swiss bank widely known as UBS has been fined by a court in Paris for money laundering schemes. The amount fined was 5.1 billion dollars. This bank helped wealthy customers in escaping taxes.
19- Meinl bank AG Austria
It was the best-known bank in Austria later named Anglo Austrian bank. Recently this bank has filed for bankruptcy. Meinl bank was involved in a huge money-laundering scheme.
20- Skandinaviska Enskilda Banken Sweden
This bank of Sweden has been fined by Sweden financial authorities for not taking control of laundered money. The fined amount was almost 107.3 million dollars.
The banks are owned by the businessman. Sometimes it’s CEO who is the culprit and other times its banker. Although the tax authorities and corruption control regulators keep warning banks for handling money laundering cases but still there is an increasing number of illegal money transfer schemes. The corrupt banks are found to facilitate money laundering schemes along with tax frauds. Hackers also enjoy the situation of the bank and apply their tactics to obtain money.