Statement on inspection in The Change Group Denmark ApS (money laundering area)

On 14 November 2018, the Danish FSA was inspected by The Change Group Denmark ApS (hereafter the company). The inspection was an investigation of the money laundering area as part of the ongoing supervision of the company. The inspection included, in particular, the company’s knowledge, monitoring and investigative duty.

Risk assessment and summary

The company is authorized to exchange currency under the Money Laundering Act. In addition, the company is the money transfer agent for Western Union.

The company offers currency exchange to private customers and corporate customers and has six stores in Denmark, four of which are in Strøget in Copenhagen. The company stated that private customers typically consist of tourists, while corporate customers are hotels, restaurants and shops. The company receives both cash and card payments.

The FSA considers that the company’s inherent risk of being abused for money laundering or terrorist financing is high. The Danish Financial Supervisory Authority’s assessment is based on the assessment of the inherent risk associated with currency exchange operations.

In view of the time that has passed since the inspection was carried out, the Danish FSA is aware that conditions may have changed significantly. 

Based on the inspection, the company is charged with failing to conduct customer knowledge procedures for single currency exchange transactions in the period from June 26, 2017 to July 18, 2017 in the amount of between 500 and 1000 euros.

Link:

Inspection Report