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Denmark’s Banking Regulations Tighten Grip on Anti-Money Laundering Efforts

In the wake of a high-profile banking scandal involving suspicious transactions worth €200 billion, Denmark is cracking down on anti-money laundering (AML) regulations to protect its financial stability and reputation.

The Financial Supervisory Authority’s Mission

The country’s Financial Supervisory Authority (FSA), also known as Finanstilsynet, is leading the charge in ensuring that banks and financial institutions comply with AML and counter-terrorism financing (CFT) obligations. The FSA’s mission is to provide financial stability and confidence in financial undertakings, and it does so by setting out rules and best practices for AML/CFT compliance. The regulator also works closely with international counterparts to combat cross-border money laundering and terrorism financing.

Denmark’s Anti-Money Laundering Regulations

At the heart of Denmark’s AML regulations is the Act on Preventive Measures Against Money Laundering and the Financing of Terrorism, also known as the Money Laundering Act. This legislation requires financial institutions to develop a risk-based AML/CFT compliance solution, including customer due diligence (CDD) and screening measures.

Compliance Requirements

Banks and other financial service providers operating in Denmark must:

• Register with the FSA
• Appoint an AML Officer responsible for overseeing their organization’s compliance solution
• Implement adverse media screening as part of their CDD process, which involves searching for negative news about customers and beneficial owners

Supporting Compliance Efforts

To support firms in meeting these stringent regulations, Ripjar’s Labyrinth Screening platform offers cutting-edge AI and machine learning software that enables global customer screening of thousands of news sources, sanctions lists, and watchlists. The platform delivers accurate, actionable data in real-time, allowing financial institutions to build effective customer risk profiles and react to emerging risks quickly.

Prioritizing AML Compliance

As Denmark continues its nationwide crackdown on money laundering, firms operating in the country would do well to prioritize AML compliance and invest in robust screening technology. With Ripjar’s Labyrinth Screening platform, organizations can ensure they are meeting their regulatory obligations while minimizing false positives and administrative noise.

Contact Us

For more information on how Ripjar can support your AML compliance efforts in Denmark, please contact us today.