Financial Crime World

Denmark Tightens Belts on Financial Crime Prevention as GDPR Compliance Proves Key

Denmark’s financial institutions are facing an uphill battle in preventing financial crime, despite efforts to combat it. A new report highlights the struggles under increasing regulatory requirements on anti-money laundering (AML) and concerns over the cost of compliance.

The State of Play Denmark Report

The State of Play Denmark report reveals that financial crime continues to thrive in the country due to a lack of competence across functions, legacy systems, and constant regulatory updates. The report also highlights the burden on financial institutions, which are struggling to keep up with increasing regulatory requirements while dealing with a shortage of competent personnel.

The Challenge Ahead

To address this challenge, Advisense, a leading compliance expert, has taken a proactive approach in navigating the intersection between AML and General Data Protection Regulation (GDPR). The company’s combined expertise in financial crime and data privacy enables it to provide tailored solutions for clients seeking to balance protection and prevention.

EU Court of Justice Decisions

The EU Court of Justice’s recent decisions on AML and GDPR have significant implications for Denmark’s financial institutions. The decisions highlight the need for robust financial crime prevention measures that are compliant with both regulations.

In related news, Sweden’s Authority for Privacy Protection (IMY) has granted a major Nordic bank permission to process personal data relating to criminal convictions and offences. This development underscores the importance of balancing AML and GDPR compliance in preventing financial crime.

Services Offered by Advisense

Advisense offers a range of services to help financial institutions prevent financial crime, including:

  • Fraud prevention
  • Anti-bribery and corruption management
  • International sanctions management
  • AML and counter-terrorist financing expertise

The company’s experts are available to discuss the complexities of governance, risk, and compliance with clients seeking to stay ahead of the curve in preventing financial crime.

Conclusion

In light of these developments, Denmark’s financial institutions must take a proactive approach to implementing robust financial crime prevention measures that balance AML and GDPR compliance. With Advisense’s expertise at their disposal, they can ensure that their efforts are effective and compliant with regulations.