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Denmark Toughens Anti-Money Laundering Laws

The Danish Financial Supervisory Authority has issued revised anti-money laundering (AML) guidelines aimed at strengthening measures against financial crime in Denmark. The new guidelines were prompted by the implementation of the 5th Anti-Money Laundering Directive and two Danish political agreements.

Key Changes

• Enhanced customer due diligence procedures • Reporting obligations to companies’ boards of directors • Adjusted requirements for obtaining and verifying identity information on beneficial owners

The guidelines also provide guidance on AISP (Account Information Service Provider) and PISP (Payment Initiation Service Provider) AML requirements.

AISPs vs. PISPs

• AISPs are not subject to AML requirements due to their limited involvement in the payment chain and lack of customer funds.
• However, most European countries have explicitly included AISPs in national AML requirements.
• PISPs, on the other hand, are subject to AML requirements and must consider establishing a customer relationship with customers, taking into account their business models and risk factors such as:
  • Geographical factors
  • Customer behavior
  • Transaction patterns

PISP Requirements

• PISPs cannot solely rely on ASPSPs (Account Servicing Payment Service Providers) being subject to AML requirements.
• PISPs must carry out regular risk assessments and monitor transactions initiated by customers.
• APIs used by PISPs to communicate with ASPSPs may limit the information available, but PISPs must still assess transactions and consider further investigation if necessary.

Conclusion

The revised AML guidelines aim to strengthen Denmark’s anti-money laundering framework and ensure compliance with international standards. Companies operating in Denmark should familiarize themselves with the new regulations to avoid potential penalties and reputational damage.