Financial Crime World

Danske Bank Enhances Financial Crime Prevention Measures

Strengthening Security and Integrity of International Payments and Transactions

Copenhagen, Denmark - Danske Bank has announced a series of initiatives aimed at strengthening its financial crime prevention measures, ensuring the security and integrity of international payments and transactions. The bank has refined and launched new digital platforms and tools to optimize its Know-Your-Customer (KYC) data collection process, allowing for faster validation and easier onboarding of new clients.

Improved Data Collection and Validation

  • Danske Bank requires complete information about the payer and recipient of international payments, including a range of personal and transactional details that are tracked throughout the payment process.
  • The bank has refined its KYC data collection process to ensure faster validation and easier onboarding of new clients.

Enhanced Automated Monitoring and Surveillance Systems

  • Danske Bank has expanded its automated monitoring and surveillance systems, leveraging advanced technologies to identify potential risks and unusual patterns.
  • This enables the bank to detect and prevent financial crimes more effectively.

Improved Investigation Efficiency and Effectiveness

  • The bank has implemented new data analytics and visualization tools, providing higher-quality suspicious activity reports to relevant authorities.
  • This enhances the investigation efficiency and effectiveness, allowing for faster detection and prevention of financial crimes.

Compliance with International Financial Sanctions

  • Danske Bank complies with international financial sanctions imposed by the UN, EU, UK, USA, and other applicable organizations.
  • The bank has processes in place to ensure that it does not provide banking services to sanctioned parties or engage in transactions that violate these sanctions.

Three-Lines-of-Defence Model for Effective Governance and Oversight

  • Danske Bank operates under a Three-Lines-of-Defence model, which includes clearly defined roles and responsibilities across business units, Group functions, and Internal Audit.
  • This framework ensures that the bank is well-equipped to manage risks and prevent financial crimes.

Commitment to Financial Crime Prevention

  • “We take our responsibility in preventing and fighting financial crime very seriously,” said a spokesperson for Danske Bank.
  • The bank understands that its customers may experience some inconvenience or irritation when it asks for information and proof of identity, but assures them that these measures are necessary and essential for ensuring the security and integrity of their transactions.

Group-Wide Financial Crime Policy and Whistleblower Scheme

  • Danske Bank has a group-wide Financial Crime Policy, which sets out the principles and standards for managing risk and compliance associated with various types of financial crimes.
  • The bank also has a whistleblower scheme in place, encouraging employees and customers to report any concerns or suspicious activity in confidence and anonymously.

Conclusion

By strengthening its financial crime prevention measures, Danske Bank aims to provide a secure and reliable banking experience for its customers while adhering to international anti-money laundering legislation and regulations.