The Financial Supervisory Authority said that Danske had ‘shortcomings’ in its anti-money laundering work and had not sufficiently assessed how its products and services could be used by criminals. It told the bank to remedy the situation by June 2022.
The authority finds it remarkable that the shortcomings have existed for such a long time and considers the bank’s timeframe for fixing them cannot be considered acceptable, as it mentioned in the letter.
Danske is still waiting to hear its fate from US regulators and criminal investigators, who have the power to impose heavy fines and sanctions on its former executives. Denmark dropped all criminal charges against top executives earlier in 2021.
The regulator said Danske had fixed some of the shortcomings and presented a plan to investigate how all its products and services could potentially be used for money laundering and terrorist financing. But the regulator was not satisfied with the speed for remedying the problems.
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