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Danske Bank Enhances Financial Crime Defences
Copenhagen - Danske Bank has strengthened its efforts to prevent and fight financial crime by implementing new digital platforms and tools to optimize Know-Your-Customer (KYC) data collection and enhance the quality of existing KYC data.
Better Understanding Customers
The bank’s enhanced financial crime defences aim to better understand customers, validate their identity faster, and make it easier for them to become clients. The initiative includes using customers’ preferred digital communications channels for data collection.
“We have both an obligation and a commitment to comply with Danish and international anti-money laundering legislation and regulations,” said a spokesperson for Danske Bank.
Improved Investigation Efficiency
The bank has also expanded its automated monitoring and surveillance of transactions and communications, utilizing technologies to optimize the process and target relevant risks. Additionally, Danske Bank has strengthened its investigation efficiency and effectiveness by implementing new data analytics and visualization systems. This provides both management and relevant authorities with higher quality suspicious activity reports.
Compliance with Sanctions
The bank complies with financial sanctions imposed by the UN, the EU, the UK, the USA, and other applicable sanctions. It has processes in place to ensure that it does not offer banking services to sanctioned parties or engage in transactions or activities in violation of sanctions.
Three-Lines-of-Defence Model
Danske Bank’s Three-Lines-of-Defence model ensures effective governance and oversight of financial crime risk. The 1st Line of Defence owns and manages business activities, the 2nd Line provides a risk management framework, and the 3rd Line evaluates and improves the effectiveness of risk management and control processes.
Reporting Suspicious Activity
The bank encourages customers to report any suspicious activity or concerns they may have through its Whistleblowing Scheme, which allows for confidential and anonymous reporting.
“We understand that our efforts to prevent financial crime may occasionally cause inconvenience or irritation,” said the spokesperson. “However, we believe it is necessary to ensure the security of our customers’ transactions and the integrity of our institution.”