Denmark’s Financial Supervisory Authority (FSA) says supervisory boards should be in routine, direct contact with the heads of their anti-laundering departments, and that they alone should have the power to fire them, according to Bloomberg. Moreover, top managers should have at least five years of experience combating laundering, and should not have other responsibilities, to avoid potential conflicts of interest.
The FSA has warned that as large institutions beef up their defences, smaller banks are now particularly at risk.
Nevertheless, the focus should be on business models, including foreign activities and thus a bank’s size should not be a decisive factor in determining qualifications and requirements of employees charged with preventing laundering, according to the report.
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