15 Nov 2019
Denmark’s financial regulator has ordered the Danish unit of Swedish Handelsbanken (SHBa.ST) to strengthen its anti-money laundering efforts and revise its risk evaluation, the watchdog said on Thursday.
“The branch’s inherent risk of being misused for money laundering or terrorist financing is normal to high compared to the average of financial companies in Denmark,” the regulator said in a statement.
The Danish unit of Handelsbanken, the country’s fifth largest lender, was ordered to “revise its risk assessment,” since its current one failed to adequately consider its customer types and risks associated with its products, the regulator said.
“This in particular concerns the risk of the branch being misused for terrorist financing,” the regulator added.
Handelsbanken was further ordered to ensure ample control of know-your-customer processes and prevention of money laundering and terrorist financing.
By Nikolaj Skydsgaard and Colm Fulton, Reuters, 14 November 2019
Read more at Reuters
RiskScreen: Eliminating Financial Crime with Smart Technology
You can claim CPD minutes for this content, by signing up to our CPD WalletFREE CPD Wallet