The European Commission will ignore the European Banking Authority (EBA) and continue with a probe into how national regulators “missed” a €200 billion money-laundering scandal that involved Danske Bank and several illicit deposits from several post-Soviet countries that took place for over a decade.

The Commission said the EBA “undermined its own credibility” by ruling to shut down the investigation on 16 April after Danish and Estonian financial regulators breached European law and made recom...