Denmark Toughens Demands for Banks’ Anti-Money Laundering Teams
11 Jun 2020

Denmark is proposing greater independence and tougher qualifications for bankers hired to prevent money laundering as part of efforts to prevent a repeat of the Danske Bank A/S scandal.

A new report by the country’s Financial Supervisory Authority says supervisory boards should be in routine, direct contact with the heads of their anti-laundering departments and that they alone should have the power to fire them. Top managers should have at least five years of experience combating laundering and shouldn’t have other responsibilities, to avoid potential conflicts of interest.

Denmark is still grappling with the fallout of the Danske scandal, almost two years after the country’s largest bank was forced to concede that a large part of approximately 200 billion euros ($230 billion) in transactions were suspicious.

The FSA has warned that as large institutions beef up their defenses, smaller banks are now particularly at risk.

By Frances Schwartzkopff, Bloomberg, 10 June 2020

Read more at Bloomberg

RiskScreen: Eliminating Financial Crime with Smart Technology

Advance your CPD minutes for this content, by signing up and using the CPD Wallet

FREE CPD Wallet