(Bloomberg) -- Denmark’s government says Danske Bank A/S is potentially facing a fine as big as 4 billion kroner, or about $630 million, if found guilty for its role in one of Europe’s biggest money laundering scandals.

Rasmus Jarlov, Denmark’s business minister and the man in charge of overseeing financial legislation in Danske’s home market, said the estimate is based on an assumption that the bank’s profits from transactions tainted by laundering amount to about 1.5 billion kroner. That’s what Danske says it earned at the Estonian unit at the center of the case, and which the bank has earmarked for “donation” to society.

The minister’s comments follow a series of stunning announcements by Denmark’s biggest bank on Wednesday, including the resignation of its chief executive officer, Thomas Borgen, and the admission that as much as $234 billion flowed through its tiny Estonian unit between 2007 and 2015. Chairman Ole Andersen said that a “large” chunk of that amount may need to be treated as “suspicious.”

Speaking in an interview after Danske’s presentation, Jarlov only commented on a potential fine imposed by Danish authorities. Danske is the target of criminal investigations in Denmark and Estonia. Local media have reported that U.S. authorities are also looking into the case.

“We’re aware that foreign authorities are monitoring Danish banks and could open cases,” Jarlov said. “But that just makes it even more important that we handle things thoroughly in Denmark, to make sure nobody elsewhere is left with the impression that we’re not coming down severely on this.”

To contact the reporters on this story: Peter Levring in Copenhagen at plevring1@bloomberg.net;Frances Schwartzkopff in Copenhagen at fschwartzko1@bloomberg.net

To contact the editor responsible for this story: Tasneem Hanfi Brögger at tbrogger@bloomberg.net

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