Danish prosecutors brought money laundering charges against Danske Bank after Copenhagen’s international financial crimes unit launched an investigation in August but is still at the early stages of the investigation against the lender’s Estonian branch for activities between February 2007 and January 2016, that involved 15,000 non-resident clients, including many Russians, Ukrainians, and other citizens from former Soviet republics with residency status in Western countries.

Danske has acknowledged that €200 billion went through the branch during that period, which prosecutors say did not abide by Danish legislation.

The bank’s CEO Jesper Nielsen says the lender is cooperating with with Denmark’s anti-corruption unit. The case has led to the downgrading of Danske’s long-term credit rating by Moody’s, in light of the anticipated heavy fines.