KBH Andelskasse clients convicted in the U.S. for $250 Mio money-laundering scheme
The Swedish Monark Finance AB was one of 183 foreign high-risk customers of collapsed KBH Andelskasse. In 2018, transactions with these customers triggered 1,645 money laundering alarms. The bank processed €4.1 billion in that year, the majority of which were suspicious and came from these customers. While the Danish prosecutors investigate KBH Andelskasse the Canadian Firoz Patel, beneficial owner of Monark Finance, has been sentenced to a 3-years prison term for money-laundering in the United States.