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COPENHAGEN (Reuters) - Denmark’s state prosecutor has filed preliminary charges against Danske Bank (DANSKE.CO) for alleged violations of the country’s anti-money laundering act in relation to its Estonian branch. The country’s biggest lender was placed under investigation in August over concerns that transactions worth billions of Danish crowns might have been part of criminal money laundering. Danske Bank is involved in a money laundering scandal at its Estonian branch, involving 200 billion euros ($225 billion) in suspicious transactions between 2007 and 2016.

“We are still working intensively with the investigation,” general prosecutor Morten Niels Jakobsen said in a statement on Wednesday, The prosecutor will now seek to clarify whether it can pursue criminal charges against Danske Bank or whether individuals can be held responsible, Jakobsen said, Shares in Danske Bank, which have shed nearly half of their value since March, were largely unaffected by the news, trading 0.7 percent higher at 1618 GMT, “The possible financial consequences pewter colorado cufflinks of a fine are relatively small in relation to the damage already inflicted and the risk of U.S, authorities entering the case,” said Nordnet economist Per Hansen..

Investors have already priced in a fine of about 30 billion Danish crowns ($4.5 billion) or more, he said. As a consequence of the scandal, Danish lawmakers in September agreed to tighten anti-money laundering laws and increase financial penalties by up to 700 percent. The state prosecutor for serious economic and international crime has brought charges on four counts based on the result of the investigation so far, addressing violations both at the Estonian branch and at the bank’s Copenhagen headquarters.

The charges include the bank having insufficient knowledge about the branch’s non-resident customers, failure to train local staff in how to prevent money laundering and failure to integrate the Estonian branch into the bank’s risk-management and control systems, “The money laundering case is very serious, It is reasonable and pewter colorado cufflinks necessary that Danske Bank now be accountable in court,” Danish business minister Rasmus Jarlov wrote on Twitter, Acting Chief Executive Jesper Nielsen said the bank had expected preliminary charges in connection with a report it presented in September..

PARIS (Reuters) - AXA (AXAF.PA), Europe’s second-biggest insurer, expects its profitability to improve in the next two years thanks to U.S. business brought in by its new XL arm, and said it would now focus on expanding in Asia. The French insurer said profits should be boosted by its $15 billion acquisition of Bermuda-based XL earlier this year, which helped to broaden AXA’s range of business. AXA also lifted its expected synergies from the XL acquisition to 500 million euros ($564 million) from 400 million, and raised its dividend payout range to between 50-60 percent from 45-55 percent.

Following the XL deal and the stock market listing of its U.S, life insurance and asset management unit Axa Equitable Holdings (EQH.N), AXA is now pewter colorado cufflinks looking to develop more in Asia in areas such as China, health insurance and its branch network, The company has already hired a series of leading managers in the region, such as Gordon Watson, chief executive officer for Asia, “In just nine months, Gordon has attracted some of the best leaders in Asia with significant local expertise to propel AXA to become the next insurer of choice in the region,” AXA CEO Thomas Buberl said..

Buberl said last year that he wanted the company, the number two insurer in Europe after Germany’s Allianz (ALVG.DE), to focus on six emerging countries, with four of them in Asia. Even though Asia represents about half of the world insurance market’s growth, “AXA in Asia has underperformed over the past few years,” Buberl said during a presentation to investors. Earlier this month, the company said it had agreed to buy the 50 percent stake it didn’t own in its Chinese unit AXA Tianping for 584 million euros.

AXA also raised on Wednesday its expected adjusted return on equity (ROE) to between 14-16 percent in 2019 and 2020, up from a previous target of 12-14 percent, It confirmed its target for underlying earnings per share to rise by 3-7 percent a year over the same period and expressed flexibility over possible future share buybacks, The company said it will use the proceeds of rising profitability and the remaining shares it pewter colorado cufflinks intends to sell in its U.S, unit to cut its debt to between 25 percent and 28 percent of its equity, down from 29 percent at the end of June, The funds will also finance dividend payments, acquisitions and share buybacks, Buberl said, without specifying..

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