Banks’ risk assessment in the area of ​​money laundering

In the last quarter of 2019, the Danish Financial Supervisory Authority conducted a cross-examination of a number of smaller banks’ risk assessment in the area of ​​money laundering.

The study included 15 banks’ risk assessments. It was intended to investigate whether the banks comply with section 7 (2). 1 of the Money Laundering Act, which requires each company to prepare a risk assessment that identifies and assesses the risk that the company may be used for money laundering or terrorist financing. 

The study showed that the quality and scope of the risk assessments vary. Several banks have not prepared a sufficient risk assessment.

Links:

Finanstilsynet Notice

Finanstilsynet Study (Danish)