Danske Bank now has eight months to close its Estonia branch.
The background is what may be the world's largest money laundering, which has moved up to a staggering SEK 270 billion.
Billions in damages
Hundreds of people have been fired.
Danske Bank's CEO resigned after the revelation and a series of investigations are underway in Estonia, Denmark and the USA.
The financial consequences for Danske Bank are far from clear, as the bank is expected to pay damages in the multi-billion class.
At the end of 2018, the bank had 14,700 customers with deposits and 1300 customers with loans.
In other words, it was a very small bank that handled huge sums.
But the Estonian Financial Supervisory Authority does not want to take any responsibility for what happened, claiming that Danske Bank gave them "insufficient information"
War of authority
On the other hand, the Estonian Financial Supervision Authority blames its colleagues at the Danish Financial Supervisory Authority for what they write in the press release: "treated the bank with silk gloves".
But that spotlight is now also on the authorities in both Estonia and Denmark.
It should now also be added that the European Banking Inspectorate, EBA, has opened a formal investigation against both the Estonian and Danish financial inspectors on suspicion that they have violated European legislation in their handling of the money laundering scandal.
Danske closes everything in the Baltics and Russia
Danske Bank writes in a press release that they think the Estonian authorities' decision is right.
The bank also announces that it will withdraw from Latvia, Lithuania and Russia.
But this takes place after a strategic decision to concentrate operations in the Nordic region.